IT Refund
I am a retired Wg Cdr from IAF. While paying my arrears of Pension during 2011, Bank paid me excess by around Rs. 2,00,000/-. I accordingly paid tax on it. Subsequently, the Bank has recovered the amount during 2011-12 & 2012-13. Since the excess has been refunded, how do I make my case and seek refund of IT which I paid in the highest Tax bracket during 2011-12. I have complete proof of it from the Bank in a letter form. more
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For the excess amount paid by your Deptt. on which you have paid Income Tax you should ask your Deptt. to reimburse the Income Tax . For filing your return you may contact me mob.9415514541 or e mail vps_advocate@rediffmail.com more
Sep 16
You may also visit Income Tax office nearest to you and meet the Public Relations Officer. You may also meet your assessing officer. They will give you necessary guidance based on facts of your matter more
Aug 13
12-08-2015 Bangalore To Sri Rakesh Kapur (Retired) Regarding excess pension paid by the Bank and subsequent recovery. Following alternatives are available to you:- 1) The Bank's action is the case of negligence under section 212 of Indian Contract Act. You can legally proceed against the Bank for the loss suffered by you - the excess tax paid by you. Calculate tax ( say 33%) for that Rs.2 lakhs and ask for refund of such excess tax paid by you. You can file case in Permanent Lock Adalath in your area. I have a similar issue with a bank under section 212 of Indian Contract Act and I filed a case for Bank's negligence in Permanent Lok Adalth and the case has been decreed in my favour. I am yet to recover the decreed amount from the Bank. On this issue I had to fight for around 8 years. You too can fight for justice. 2) When the pension is recovered by the bank in two financial years, naturally your tax liability gets reduced to almost zero. You can claim basic exemption and eliminate tax liability. 3) There is a provision under section 89 of Income Tax Act - It is called relief under section 89 of I T Act. I had avalied relief under section 89 of I T Act in 1996-97 since I received salary arrears as a lump sum. Tax liability increased sharply. To reduce the burden I avalied relief under section 89. Section 89 is applicable for both lumpsum arrears received as well as lumpsum recovery (your case). You can directly contact C B D T New Delhi on applicability of section 89 in your case and proceed accordingly. You can try any of the above 3 alternatives suitable to you. Your banker is primarily responsible for negligence. I T Department will not own up the negligence of your banker (tax deductor). If you need any clarification, kindly send e-mail to me with full details so that I can respond to you better. With regards, - Nagaraj T V 9844200688 ABTPN5713D nagarajtirumanivemula@gmail.com Bangalore more
Aug 12
Also, Can anyone please advise me a Consultant to file my current year Return in New Delhi and charges reasonable ? more
Aug 12
I have not received intimation u/s 143(1)(a). As suggested by Mr S Banerjee, I think writing a letter to the authority to reopen assessment to file a revised return appears to be the only option. Can you please advise for which year the Return needs to be revised (I presume 2011-12). I am sure IT Department has a solution to refund the wrongly paid dues because of the mistake by the Bank. Mr Subhasis Banerjee - Is it possible to have your Email ID / Mob No. My Email ID is rakeshlkapur@yahoo.com. more
Aug 12
