RAMESH BABU N
TF Legend
Yes. I can share whatever little I know. Always ready to do so.
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Yes. I can share whatever little I know. Always ready to do so.
cardio_guy
TF Legend
Still under processing, today marks 2 months of "successfully e-verified". ITD wants us to pay all taxes on time. But they won't process it. Typical govt babu things.
RAMESH BABU N
TF Legend
Remember that ITD has time (officially) till the end of this current FY to process your ITR. So, kindly hold your horses.
Why worry so much? They are giving you 0.50% per month on refund. That money in your bank will fetch only 0.23-0.27% per month only. If there is no refund, waiting then worrying for intimation doesn't make a sense. Your current acknowledgment, for any purpose of loan/cc, is as good as without intimation.
As @RAMESH BABU N pointed out, I am adding to it that they have minimum 45 days to process and max. till March 31st, next year.
During school days, when teacher use to check copies, many student used to get it checked within the time period of 40/50 mins during class itself and when the bell ranged or lecture over, many copies were left and teacher used to take it with him/her and you got it only till school is over for the day. We waited for it so that we can do today's homework but with ITD we don't have anything left to do once we filed it. So it doesn't matter when they check copy and give you.
Board Exams finish by March-Apr every year and result comes 2 months later. There are more teachers/checkers as compared with Assessing Officers (AO/JAO) yet they somehow manage to do fast. Although they are getting help of technology but they can't allow it to be fully automated in certain cases.
As I said in past, people start receiving their intimation too fast that they started thinking it is normal to get ITR processed in few days. In reality Normal is anything between 45 days - 180 days or by March next year.
Read, what IRS, US Govt website says,
If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return.
Now when US which has finest of Tech with them can take 6-8 weeks, India is doing a better job anyday. 🙂
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Actually, this was one of my smallest refund from the past few years.
I will still call it being reflecting in bank as the earliest compared to my prev. year refunds 😴
RAMESH BABU N
TF Legend
At the time of filing your ITR-2, have you downloaded a copy of your ITR-2 ? If not do it now. It shows what figures you have filed.
The Assessment Order (u/s 143) shows their (ITD) figures in computing your Assessment.
Compare the two sets n you will know where the difference is.
Yes I have downloaded it. In the itr-2 copy it shows full rebate. But in computing the assessment order it shows like below 👇
Attachments
RAMESH BABU N
TF Legend
REBATE u/s 87A is calculated differently NOW.
As per a new update of 05/JULY/2024, STCG rebate u/s 87A is NOT ELIGIBLE under the NEW TAX REGIME.
If you had filed your ITR under the new tax regime, this rebate is NOT applicable for you.
You must pay the amount at the earliest.
As per a new update of 05/JULY/2024, STCG rebate u/s 87A is NOT ELIGIBLE under the NEW TAX REGIME.
If you had filed your ITR under the new tax regime, this rebate is NOT applicable for you.
You must pay the amount at the earliest.
RAMESH BABU N
TF Legend
That amount is shown under 115BBE section.
Section 115BBE has been introduced w.e.f. AY 2013-14 with an intention to tackle with people who shows their black income as white by paying less tax. Therefore any income for which assessee would not be able to explain the source, now will be taxed at 30% instead of 10% or 20%.
Section 115BBE has been introduced w.e.f. AY 2013-14 with an intention to tackle with people who shows their black income as white by paying less tax. Therefore any income for which assessee would not be able to explain the source, now will be taxed at 30% instead of 10% or 20%.
RAMESH BABU N
TF Legend
Better PAY and avoid headache.
Contesting/Disputing is NOT suggested.
Contesting/Disputing is NOT suggested.
Thank you so much for your suggestion. Highly appreciated. Will pay surely by today.
I paid the demand amount. Now what are the next steps? Do I need to submit response? It asks for serial no. I could not find serial no in challan receipt. Cin no. and challan no. are there but no serial no.
