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Qn: Is it mandatory for me to file an Income Tax Return if I have a PAN?

Ans: No. You need to file an Income Tax Return only in case your Total Taxable Income exceeds the basic exemption limit i.e. Rs. 2,00,000/-. You do not need to file an Income Tax Return even though you may have a PAN.

Qn: Does Money Plant Consultancy calculate the Tax Refunds that I am eligible for?

Ans: Yes

Qn: What is an ITR-V?

- ITR-V stands for ‘Income Tax Return – Verification’ form.
- This form is received when you e-file without using a digital signature.
- Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature.
- On receipt of ITR-V we have to get client’s signature on the copy and submit the same with CPC office to complete the filing process.

Qn: Is there any time limit for submitting ITR-V to Income Tax Department?

Ans: Yes, you should mail your ITR-V within 120 days of e-filing your return.

Qn: What if I do not submit ITR-V within 120 days?

Ans: If you miss submitting your ITR-V within 120 days, your e-filing will be considered as null and void. It means that it will be considered that you have not yet filed your return. In such a case you will have to file revised return, get a new ITR-V and submit the same within 120 days.

Qn: What is the Last Date for filing an Income Tax Return?

Ans: The Due Date of filing your Income Tax Return for a financial year is 31st July after the end of the financial year. Thus, for financial year ended on 31st March, 2012, the due date of filing Income Tax Return is 31st July, 2012.

Qn: What if I file after the last date mentioned?

Ans: You can file return after the last date also. However, in such case you will have to pay penal interest for the outstanding tax liability; if any.

Qn: Who needs a PAN?

Ans: The following persons must have a PAN:
i. All existing assessees or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN.
ii. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain Pan.

Qn: Can Income-tax refund be directly credited to the bank account?

Ans: Yes; you have to compulsory provide your bank account number along with the MICR code of the bank branch in your income tax return one can get the refund directly deposited in their bank account and will not have to wait for the cheque and deposit the same in the bank account. MICR code can be known either from the bank branch or from the cheque book (if the bank branch maintains any such code).

Qn: Is filling of I.T Return mandatory ?

Ans: Even if the income is below taxable limit, but tax has been deducted at source, in such a case one must file I.T Return making claim for refund of TDS.

Qn: How interest on late tax refund is calculated?

Ans: As per section 244A, the taxpayer is entitled to receive interest where any refund arises due to any excess payment of tax.

Qn: What are the general procedures of claiming refund?

Ans: The following steps should be taken to claim I.T refunds:
- File your return of income – First and foremost requirement for claiming refunds is to file your return of income/ tax returns on time, submitting all the relevant details;
- Check Online tax credit (Form 26AS) – Check the tax credit status online before filing of return. This helps in quick processing of tax returns and refunds;
- Bank details and address- Proper details of the bank account, like details such as MICR code, bank account number for prompt refund and also proper address.

Qn: If an individual do not receive tax refund on time, what steps should be taken?

Ans: An individual can either visit the tax department’s office for the follow up of the refund or can write a letter to the concerned Income Tax Assessing Officer. If it is still not redressed then a letter can be written to the jurisdictional Chief Commissioner of the Income Tax with a copy to the Grievance Cell and to the concerned Income Tax Officer. This letter may be accompanied by the copies of previous letter/s written to the Income Tax Assessing Officer and a copy of the tax return filed.

Qn: What else i can do to get refunds in more hassle free way ?

Ans: You can look to do following to make your refund hassle free -
- Rectify your tax returns if filed erroneously with suitable amendments
- Apply for a revalidated cheque if the one you have received has gone beyond its expiry date.
- For any changes made to your address or bank account, it is your prerogative to inform the tax department.
These steps will resolve these hassles for you before they crop up.

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