January 7th is the last day to file ITR V for tax returns

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Have you filed your tax returns yet? If not then tomorrow, January 7, 2016, is the last day to acquire your ITR V from the tax department. It is precisely after 120 days of the September tax filing deadline and for those who deserved a refund should have put in their electronic claims by now.

This was the first time the tax department introduced ITR V verification to be done online. Thus, rendering the whole verification process electronic, first time. Furthermore, the CEO Archit Gupta suggests that this is the first year that saw the settlement of tax return claims within 3 to 4 weeks for those who e-verified. Therefore, for those who haven’t got their refunds yet, should visit the income tax department’s network of tax information, website: tin.nsdl.com

January 7th is the last day to file ITR V for tax returns.

For those who electronically verified in the past month, the status may read – Not Determined, because it may still be under processing. And if in case it has been longer than just one month then ideally your tax refund claim status online should read – Assessing officer has sent the refund to your refund banker. This means they have processed your money. And this will soon credited in your bank account. To check your refund status you simply need the PAN number and the refund to your banker.

For those whose status reads anything else other than the two mentioned above, then that means that their tax refund has been halted for some other discrepancy.

Why your tax refund got stuck? Reasons and ways to rectify the situation:

There could be many reasons for your unprocessed tax refunds. For instance, it may just be wrong IFSC code that you might have entered or wrong account number. Or simply the fact that the calculations and deductions you showed in your claim may not agree with the Taxman and the mismatch could be the reason for the delay.

Having entered the wrong banking details can be easily rectified. Simply log-on to the Tax department’s website and re-enter the correct details under “my accounts” in “refund re-issue request”.

If in case you didn’t deserve tax refund due to mismatch, you will receive an email from the department letting you know the issue. And you can rectify it by sending out a rectification report.

Mismatch in Tax credit

As per the regulations under Section 154(1) one can file for rectifications for issues like the mismatch in tax credit, small errors, incorrect gender or other details, an advance mismatch in taxes and missing information on capital gains when filing for the refund. But a noteworthy to mention is that rectification does not necessarily mean that one has to re-file for the return.

But if you have a change in earnings after rectifying the mistakes than you have to revise the claim for return incorporating the new development. Also, you can claim for additional deductions and exemptions in a rectification request.

One of the most common reasons behind mismatch in taxes is due to TDS, wherein the credit you claim does not match with the TDS entry that put in your Form 26AS for claiming the returns. In such a case the taxmen often let you know of the problem via email, if not you can find that out for yourself by visiting the IT website and checking the details under “my accounts” tab.

Outstanding liability may be another reason for the delay of your claim settlement, as the taxmen have the rights to adjust the refund by taking into account any previous dues or liabilities that you may have from previous years. This is allowed under the Section 245. In case you do not understand why there was an adjustment to your returns, you can seek the help of a Chartered Accountant to file a response. You will get an email from the taxmen explaining things in detail.

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