Excess Tax paid | Claim in ITR

POSTED BY Manickaraj ON July 30, 2013 11:18 pm COMMENTS (3)

Hi All,

For the current financial year I have excessivly paid tax because of not submitting the proof at the right time.

But while filing the return I made sure that the excessivly paid amount mentioned and hence the REFUND is being calculated.

Is it correct that I have to file in this fiscal year or next fiscal year?

If filing at 2013-2014 assesment is correct, probably how much time it takes for the refund?

 

Kindly expecting some reply.

 

Thanks,

Manick

If

3 replies on this article “Excess Tax paid | Claim in ITR”

  1. manickkam says:

    Couple of things to remember:

    (1) Financial Year 2012 – 2013 equates to Assessment Year 2013-2014. This is because the Financial year’s income from April 2012 to March 2013 is assessed by the income tax department during 2013-2014 period.
    (2) You have to file the returns before the due date of 31st July 2013 for FY 2012-2013 to get the refund. I think, you have already filed your returns. the next step is filing it online to make sure the refund is done sooner than later.

    It used to take couple of years time before you get the refund before. Now, if you are filing returns online and have sent the ITR V immediately to the Income tax department, the refund will be processed in one to three months.

  2. jhuma tiwade says:

    I have got my refunds in close to 2 to 3 months. If you have given instructions for bank deposit, it is deposited in your account and you get a confirmation message on your mobile. This is my experience for refunds that i have got is last two years. I had used a CA then but this time I filed it myself.

    Regards
    Jhuma

    1. Manickaraj says:

      Thanks

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