In a shift which will accelerate the pace of delivery of tax refunds, the IT (income tax) department will entertain the all tax deducted at source (TDS) credit and refund claims for the first time. The claim in such respect cannot exceed Rs. 3, 00,000 in case of TDS credit whereas the limit for refund claim is Rs. 25,000, at the phase of dispensation of the returns. The effect of such order is valid all across the country and for the assessment year 2009-10. The above order was conversed by the Central Board of Direct Taxes (CBDT), who ordered the same to all the chief commissioners of Income Tax who are associated to various Tax-collecting departments.
In reference to the words of a senior I-T officer, “The I-T department has taken the step to speed up and streamline the process of issuing refunds. The order will be beneficial in view of the income-tax returns filing, which will happen till this month-end,” Added to it the officer also commented that in other cases, firstly proper verification will be carried out before claim is admitted.
The order affirmed,” In all the returns filed in ITR-1 and ITR-2 for assessment year 2009-10, where the aggregate TDS claim does not exceed Rs 3 lakhs and where the refund computed does not exceed Rs 25,000, the TDS claim of the taxpayer shall be accepted at the time of processing the return,”. In reference with the above lines, ITR-1 shall deal with pensioners’ income and others whereas ITR-2 shall deal with income from house property and other claims. The order for such also included these lines, “In all the returns filed in forms other than ITR-1 and ITR-2 for the assessment year 2009-10, where the aggregate TDS claim does not exceed Rs 3 lakhs and the refund computed does not exceed Rs 25, 000, and there is 10% matching of TDS amount claimed, the TDS claim shall be accepted at the time of processing of the return,”.
In addition to such, compliance of general prescribed rules should also be taken into consideration, when a claim is done under the above. The claim for return should abide by these:
- Claim for refund of tax shall be made within one year from the last date of the assessment year for which such refund is due to the assessee.
- Such claim shall be made in Form no. 30 and verified in the prescribed manner.
- The Claim shall be accompanied by a return in income in the form prescribed under section 139 unless the claimant has already made such a return to the Assessing Officer.
- The claim may be presented by the claimant in person or through a duly authorized agent or may be sent through post.
- No application for refund is required to be made when such refund becomes due to the assessee as a result of any order passed in appeal, revision and reassessment.
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