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Income Tax refund of high value

TDS / TCS 490 views 6 replies

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?

Replies (6)

Generally it gests processed around next March.

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.

@ dhirajlal rambhia - So just beacuse amount is big..as such no hassels by department..

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.

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. 

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.


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