Income tax refund was due to the company for A.Y.2007-08. No Refund order or refund cheque was received by the company till March 2010. On follow up it was noticed that the Refund order in this respect was granted in February 2009. The cheque is not encashed into the account of the company.
In the above situation the query is:
1. Can company claim for interest on refund?
2. If yes, then till Feb'09 or upto current date of grant of refund? & How?
You need to write an application to income tax authority that you have not received the cheque for a.y.06-07 in respect to refund return of income filled by the company.
It will take some time sheetal but definitely you will get the refund.
Interest u/s 244A is to be paid till the date of issue of refund. If you are going to receive the refund this year and the interest thereon is substantial, you will have to take it into account for advance tax calculations.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
Shaswat initial support private limited
Ahmedabad
CS
View Details
CAclubindia
