Got revenue tax refund with out curiosity? You may be lacking this eligibility

If a taxpayer receives revenue tax refund with out curiosity, then the taxpayer is suggested to first test in regards to the revenue tax refund quantity and the precise revenue tax outgo. This revenue tax calculation will be simply performed by cross checking the revenue tax being paid within the revenue tax return (ITR). If the revenue tax refund quantity is greater than 10 per cent, then just one ought to lodge grievance in regards to the non-payment of the revenue tax refund curiosity.

Speaking on the revenue tax refund curiosity cost guidelines Amit Gupta, MD at SAG Infotech mentioned, “Interest on income tax refund shall only be paid when the amount of refund is more than 10 per cent of the actual tax liability that is calculated in the regular assessment or summary assessment.”

Asked about how a lot curiosity the revenue tax division pays on tax refund the Managing Director of the SEBI registered tax answer firm mentioned, “The income tax refund interest shall be calculated at the rate of 0.5 per cent for every month or part of the month starting from the first month (April) of the assessment year.”

Asked in regards to the situation for curiosity cost on one’s revenue tax refund Kartik Jhaveri, Director — Wealth Management at Transcend Consultants mentioned, “If the tax refund has not been paid by the due date by the Income Tax Department, then interest on tax refund shall be calculated from the date of furnishing ITR to the date on which the income tax refund has been granted.”

Subscribe to Mint Newsletters * Enter a legitimate e-mail * Thank you for subscribing to our e-newsletter.

Never miss a narrative! Stay linked and knowledgeable with Mint.
Download
our App Now!!