Query in interest on income tax refund

Tax queries 830 views 6 replies

Dear members i have a query on interst on income tax refunds.

I filed ITR1 For AY 12-13 online and there was a refund of 5800 and just one month back my ITR has been processed and i got 143(1) intimation and cheque of refund of 5800 but in 143(1) there was no interst paid on the amount of refund  but my collegues who have got refunds have got interest on the refunds. please let me know what to do according to me it took around 10 months by the department to process my return and issue refund but they have not paid me any interest.

 

Should i now file rectification request online plese guide.

Replies (6)

Dear Amit,

Kindly give the facts of the case.. e.g. when the ITR filed.. when you got refund (dates).. whether it is on account of department's fault or assessee's? what's mentioned in the intimiation u/s 143(1)?

Regards,

YOU MAY CONTACT YOUR JURISDICTIONAL IT OFFICER

These days, refunds are calculated and issued through computerized network.  Probably, your refund is less than 10% of the tax payable by you, in which case your refund amount will not earn interest. 

tax payble was 62000 and tds deducted was 67800 so refund of 5800 was there and return filed on 10 june 2012 and processed on 2 june 2013 as per 143(1) intimation its mentioned 0 in interest coloum under the head interst on income tax refund

Should i now file rectification request online plese guide.

It would help if you read the replies to your query more carefully. 

Your refund is less than 10% of tax payable.  So no interest. 

Agree with Member.. you are not entitled for Interest as your refund is less than 10% of tax payable.


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