MAN RECEIVES INCOME TAX REFUND AFTER 11 YEARS
Last updated: 01 October 2007
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Eleven years after he began his fight for an income tax refund, a man has finally managed to receive his due from the authorities coupled with accrued interests following delay in payment. Prakash Aswani, who took voluntary retirement from United India Insurance Limited (UIIL) as a development officer in 2003 and is now a financial consultant, had filed his IT returns for the period April 1, 1995 to March 31, 1996 on a gross total income of Rs 1,32,056, he told PTI. When calculated, the tax on this income amounted to Rs 21,175, out of which Rs 17,670 had already been deducted from his income as tax at source (TDS) and Rs 12,000 was the permissible rebate he was eligible to claim considering his investment in LIC premiums and subscription in Public Provident Fund (PPF). Hence, he claimed a tax refund of Rs 8,495 and also filed all relevant certificates and documents substantiating the claim. However, the next year Aswani was informed that certain claims made by him were disallowed by the IT, following which he was directed to pay an additional amount of Rs 14,533 as income-tax. Aswani filed an appeal against this order and it was allowed. The IT department was directed to pay him the refund along with interest according to an order dated September three, 1997. Meanwhile the IT department approached the Appellate Tribunal, which dismissed in August 2000 and there was no other course left for the Income-tax office but to settle my refund along with penal interest, Aswani said. PTI
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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
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