How much time does IT department generally take to process refund of 10-15 lacs?
Assesse would be claiming almost his entire TDS as refund. Can there be issues in getting refund?
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 03 September 2024
Generally it gests processed around next March.
raj kumar
(38 Points)
Replied 03 September 2024
Almost entire TDS.
SAME ISSUE CROPPED UP FOR ME.
COMMUNICATION WILL B RECD.
ASSESSEE CLAIMED ALMOST ALL AS REFUND.PLEASE REVISE UR RETURN OR ACCEPT REFUND AS CORRECT WITHIN 1 MTH.
SYSTEM HAS IDENTIFIED RETURN UNDER RISK MANAGEMENT PROCESS.
I SAW IT UNDER PENDING ACTION INFORMATION SECTION.
NOTICE WAS ALSO ATTACHED.
I ANSWERED YES REFUND IS CORRECT. AFTER THAT NO NEWS.
SAME ISSUE CROPPED UP FOR ME.
COMMUNICATION WILL B RECD.
ASSESSEE CLAIMED ALMOST ALL AS REFUND.PLEASE REVISE UR RETURN OR ACCEPT REFUND AS CORRECT WITHIN 1 MTH.
SYSTEM HAS IDENTIFIED RETURN UNDER RISK MANAGEMENT PROCESS.
I SAW IT UNDER PENDING ACTION INFORMATION SECTION.
NOTICE WAS ALSO ATTACHED.
I ANSWERED YES REFUND IS CORRECT. AFTER THAT NO NEWS.
Lila
(Job)
(512 Points)
Replied 04 September 2024
@ dhirajlal rambhia - So just beacuse amount is big..as such no hassels by department..
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 04 September 2024
As such no hassel, but rigorous checking at various levels (known as risk management by CPC) and final confirmation from assessee about its correctness.
If everything is OK, need not worry, it will be processed with some delay.
Adhiti Mehta
(ACCA student )
(37 Points)
Replied 04 September 2024
This issue happens with big amounts. My ACCA P7 instructor at Mirchawala's Hub of Accountancy also faced the same issue, but he said that the amount gets processed with some delay.
raj kumar
(38 Points)
Replied 04 September 2024
My humble opinion is as follows
The system doesn't recognize at initial processing stage itself between resident assessee and NRI assessee.
if it has recognised it at initial stage itself then it will know that TDS rates r different for resident and NRI assessees.
consequently for an NRI Refunds will b almost all of tds in the new tax regime.
Then the issue of risk management will never arise in such cases.
complete system checking to see compliance with income tax act and rules framed there under is the need of the hour according to my opinion.
The system doesn't recognize at initial processing stage itself between resident assessee and NRI assessee.
if it has recognised it at initial stage itself then it will know that TDS rates r different for resident and NRI assessees.
consequently for an NRI Refunds will b almost all of tds in the new tax regime.
Then the issue of risk management will never arise in such cases.
complete system checking to see compliance with income tax act and rules framed there under is the need of the hour according to my opinion.
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