TDS on Sale of Immovable Property

 TDS on Sale of Immovable Property

ITR Refund Quick Process

Under the income tax and other Direct Tax laws, tax refunds arise in those cases where the amount of tax paid by a person (or paid on his/her behalf) is greater than the amount on which he/she is properly chargeable. When you file the return of your income, you can avail tax refund. There are two ways for Eligible taxpayers to check their ITR refund status online:

 

through the official website of the Income Tax Department

through the website of the National Securities Depository Limited (NSDL)

 

Mandatory Requirement: Taxpayer’s PAN.

 

Steps to check ITR refund status via Income Tax Portal:

 

Visit the Income Tax Department’s website

Login using PAN and user id credentials.

Select the tab ‘My Account’ and click on ‘Refund/Demand Status’.

Select ITR and click on your acknowledgement number, from the drop-down menu.

A new web page / tab with all tax details, including refund status will open.

Refund status / details can be checked

 

Steps to check ITR refund status via NSDL Website:

 

Visit the site of NSDL @ https://tin.tin.nsdl.com/oltas/refund-status-home.html

Click on the link to proceed with taxpayer refund status.

Enter PAN details and select the Assessment Year 2022-23 / or as applicable.

Click on submit.

ITR status will be visible.

Refund status / details can be checked

 

Notes:

Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker.

 

Status of ‘paid’ refund, being paid other than through ‘Refund Banker’, can also be viewed at www.tin-nsdl.com by entering the ‘PAN’ and ‘Assessment Year’.

 

‘Refund paid’ status is also being reflected in the ‘Tax Credit Statements’ in Form 26AS.

 

Form 26AS is a credit statement which basically contains all the information regarding the details of the tax deducted on your income.

We all have heard about PAN & how it is required for filing your Income Tax Return but do we know what is the structure of the PAN?

We all have heard about PAN & how it is required for filing your Income Tax Return but do we know what is the structure of the PAN? Lets understand the breakdown of PAN structure [A 🧵]#PAN 



The fourth character of PAN represents the status of the PAN holder (detailed) :

a. "P" stands for Individual

b. "C" stands for Company

c. "H" stands for Hindu Undivided Family (HUF)

d. "A" stands for Association of Persons (AOP)

e. "B" stands for Body of Individuals (BOI)

f. "G" stands for Government Agency

g. "J" stands for Artificial Juridical Person 

h. "L" stands for Local Authority

i. "F" stands for Firm/ Limited Liability Partnership

j. "T" stands for Trust

PAN enables the department to identify/ link all transactions of the PAN holder with the department. 

These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence etc, and so on.

Notification to remove GST Exemption on Residential House given on rent to registered person.

*GST UPDATE*

The Govt has issued Notification to remove GST Exemption on Residential House given on rent to registered person.

Also another Notification has been issued to bring services of Renting of residential property to registered person by any person, under reverse charge

Meaning thereby *if any GST Registered person has taken Residential Property on Rent and uses it for Business purpose, then GST will be payable on the same under Reverse Charge.*

Not received your Income Tax Refund? Know what steps you need to take for getting refund quickly - A thread 🧵

Not received your Income Tax Refund? 

Know what steps you need to take for getting refund quickly - A thread 🧵

Typically, income-tax refunds get credited to the bank account of assessees within a few weeks. Sometimes, it takes months.

To check the status of your refund, log on to https://t.co/ukpGIu0DoK or https://t.co/CQNqwlZV9T and click on the “Status of Tax Refunds" tab, enter your PAN and assessment year (AY) for which your refund is pending

7 Different Tax Refund Status & Action needs to be taken

1) Refund Not Determined - This means that the Income Tax Department has still not processed your Income Tax Return or determined the refund yet. – Raise Grievance online from your account for processing

2) No demand no refund – No refund as per ITR or It could also be that you did file for a refund, but the Income Tax department denied the refund because their calculations did not tally with yours. File rectification returns and claim refund in case of error in ITR filing.

3) ITR processed refund determined and sent out to Refund Banker – Wait you shall get in 15 days or so, and then check your bank statement again. You will get refund in case of further delay, raise a grievance online from your income tax account

4) Refund Unpaid - Tax Department has sent the refund to you, but the address provided to the IT department is wrong or bank account details in your ITR is wrong, & hence the refund wasn’t processed. you need to apply for the “Refund Reissue Request” from your income tax account

5) Contact Jurisdictional Assessing Officer - indicates that the I-T department needs further clarification / Information regarding your Income Tax Return that you filed. You can visit your tax officer as he may require some clarifications

6) Demand determined - Notice from the Income Tax Department with the exact amount of tax outstanding and the reason for the same. Check and file revise returns if there are errors in original returns

7) Rectification processed refund determined and sent out to Refund Banker – in case of rectification or revise returns, refund status that its been processed. Wait for few days it will get credited or raise grievance

Do not worry if your refund is late as your earn 6% interest on delay, which is much higher than bank Fds.

My view published in livemint 

ITR filing: How to raise a service request at tax filing portal for the refund? 

https://t.co/JqEvdb2nl0