Monday, July 12, 2010

Refund of Income Tax

               I want to share my experience regarding Refund of Income Tax.  Recently  I have checked that Income Tax Department refund Income Tax on the basis of Form26AS instead of Form 16 or 16A.   Everyone feel free on receipt of form 16 or form 16A from deductor and submit our Income Tax Return on the basis of  Form16 or Form16a.   Income Tax Department refund/adjust amount of TDS after a gap of one year and issue Tax Deposit Challan (280 in case of Individual) on account of  due tax against assesses.  In refund cases,  assessee wait for his refund but they do not receive their refund amount from Income Tax Department.   

                 Keeping in view of above position,   specifically I have checked Form 16A issued by Nationalised Bank like as State Bank of India and Punjab National Bank etc., are totally wrong.   Assesses are suffering badly on account of refund of Income Tax or Adjustment of Income Tax amount.  I have got these errors on viewing Tax Credit in Form 26AS which is now totally free of charge.  There is no charges if we use Form 26AS under  My Account through e-filling procedure.   To avoid this type of frustration, Don't submit your Income Tax Return without confirmation of TDS amount in  your PAN through Form 26AS.  

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