Saturday, January 4, 2014

May times the estimate of payment of Advance tax goes wrong and the assessee has paid the excess amo


Home educacenso » Refund Status » Indian Income Tax Refund Status | CPC Income Tax Refund Status | Incometaxindia.gov.in Refund educacenso Status | Income Tax Refund Status 2013 | Tin-nsdl.com Refund Status | Tax Refund Status
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Any person having income more than the exempt limit in a particular financial year will be liable to file his Income Tax Return u/s 139(1) in the respective assessment year.   All types of income will be grouped in the following head of Income.
The Income Tax Department had inserted some new section. According to that any person who is covered under the prescribed category have to deduct the TDS (Tax Deducted at Source) of the person to whom that person is going to make payment. educacenso This system is established by the Income Tax Department due to late collection process of the Tax.
Any of the above income it may happen that TDS is deductible according to the TDS Sections. But such a person is not having income more than the exemption limit of the respective Previous Year. In that case the amount of TDS was deducted but he is not liable to pay tax.   It may also be happening educacenso in case of TCS according educacenso to the explanation given in the above.
May times the estimate of payment of Advance tax goes wrong and the assessee has paid the excess amount of Advance Tax.   In that case also the person is not liable to pay such extra amount of tax based on his income but due to any arithmetic or logical mistake he had paid an extra amount of tax to the government department.
At the time of payment of self assessment tax by mistake extra amount of tax is paid by the assessee and such amount is not in the course of the Income which is in excess of the exemption limit but it is paid wrongly to the department.
Assessee has any accrued income on which he can get a rebate under section 89 (1). In such case he gets the facility of rebate according to that such person will be given back some amount of Refund by the Income Tax Department.
The above are the reasons due to which the excess amount of tax is paid to the Income Tax Department which are not required to be paid. So that the Income Tax Department is liable to give refunds to the assessee. Such amount is given bank to the assessee within the prescribed time period. educacenso If due to any reason if such amount is not given no time to the assess than the Income Tax Department is liable educacenso to paid interest on such amount.
Nowadays educacenso the Income Tax Department is going to establish an e-payment system of Refund directly to the assessee’s bank account. According to that system the amount of refund will directly deposit to the assessee’s bank account   and the process of sending cheques will be terminated. The such check payment system is sometimes educacenso become problematic for the both, Department as well as for the assessee, because due to any reason weather it is due to inadequate address or improper administration process the main goal of that system not fulfill.
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