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Income Tax Refund

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Lila

Job

539 Points Posted on 09 March 2020

We received demand for AY 2011-12, for which we replied and later on demand was rectified u/s 154 and refund order was passed by AO. How much time does it take to receive such refunds. Do we need to follow up with AO to issue refund orders to bank or there is some auto system.

Also this demand was adjusted with current year refund u/s 245. Now since the demand is nullified, how do we claim current year refund?

Replies (4)

Quick Summary

This discussion concerns the timeline for receiving an income tax refund after a demand has been rectified and a refund order issued. It also explores whether follow-up with the AO is necessary for the refund to be processed by the bank. A key issue raised is how to reclaim a current year refund when the previous demand, used for adjustment, has been nullified.

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 09 March 2020

You need followup in this case.

If refund order passed for 2011-12 AY, you may get it in 7 to 30 working days..

For current year, you need to apply for cancellation of adjustment..