Income Tax query - Response to confirm/Revise claim of refund

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drjpatwa

Yesterday I received mail from income tax dept. titled as Response to confirm/Revise claim of refund (Attaching exact matter here). It is for FY 19-20. My refund amount was 32k around. My query is, Is it common practice from income tax dept. to send such mail for confirmation or any problem is there in my ITR (I know there are many problems toungueout)? Is it scrutiny or just a random system generated mail? Any chances of being caught by them in such cases?

So what should I do? Just confirm it or revise ITR? Would appreciate any CA dimer or others who have knowledge about it can answer it.

Whats-App-Image-2021-01-06-at-10-43-46-AM

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Deal Lieutenant Deal Lieutenant
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Got such email for last yr refund, just accepted it. No issue this yr.

Blogger Blogger
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insta wrote:

Got such email for last yr refund, just accepted it. No issue this yr.

Thanx..

Deal Lieutenant Deal Lieutenant
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drjpatwa wrote:

Thanx..

Thr was a thread and discussion last yr as few dimers got such email. I am unable to find that thread now. They send such emails mostly for ppl with more than 25k refunds.

Blogger Blogger
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insta wrote:

Thr was a thread and discussion last yr as few dimers got such email. I am unable to find that thread now. They send such emails mostly for ppl with more than 25k refunds.

I filled ITR on 6th October. Almost 3 months after that, they are sending such mail. While many others who filled after me, got refund as well. So I m little bit worried.

Deal Lieutenant Deal Lieutenant
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drjpatwa wrote:

I filled ITR on 6th October. Almost 3 months after that, they are sending such mail. While many others who filled after me, got refund as well. So I m little bit worried.

Itr filed july 2018, notice in jan 2019 and refund on april 2019.
Around that time many ppl got such email
https://www.caclubindia.com/forum/income-tax-re...

Deal Cadet Deal Cadet
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Its common for refund, got that for my refund aswell.

Deal Cadet Deal Cadet
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I too got the email yesterday and accepted it. Last year also got the same and got refund amount after one week of accepting it

Blogger Blogger
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Thanks all for replying pray

Deal Cadet Deal Cadet
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Cnuddimer wrote:

I too got the email yesterday and accepted it. Last year also got the same and got refund amount after one week of accepting it

Good to hear the statement – Refund amount will reach in a week

Deal Subedar Deal Subedar
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Btw @drjpatwa, How much additional money yo get along with the actual refund

Suppose
ITR Value = 1,00,000
Advance tax + TDS = 1,20,000

So, Ideal refund = 20,000
But people get = 20,000 + Y (extra amount is added to refund)

Can you tell me what was the refund calculated as per ITR and how much ITR assesment officer is refunding you?

Deal Cadet Deal Cadet
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InvestPotato wrote:

Btw @drjpatwa, How much additional money yo get along with the actual refund

Suppose
ITR Value = 1,00,000
Advance tax + TDS = 1,20,000

So, Ideal refund = 20,000
But people get = 20,000 + Y (extra amount is added to refund)

Can you tell me what was the refund calculated as per ITR and how much ITR assesment officer is refunding you?

interest @ 0.5% per month or part thereof from 1st april till date of refund.

section 244a

Deal Lieutenant Deal Lieutenant
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InvestPotato wrote:

Btw @drjpatwa, How much additional money yo get along with the actual refund

Suppose
ITR Value = 1,00,000
Advance tax + TDS = 1,20,000

So, Ideal refund = 20,000
But people get = 20,000 + Y (extra amount is added to refund)

Can you tell me what was the refund calculated as per ITR and how much ITR assesment officer is refunding you?

The extra amount is the interest on additional tax paid
And the interesting part is this interest is to be considered as income during next year itr.

Blogger Blogger
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InvestPotato wrote:

Btw @drjpatwa, How much additional money yo get along with the actual refund

Suppose
ITR Value = 1,00,000
Advance tax + TDS = 1,20,000

So, Ideal refund = 20,000
But people get = 20,000 + Y (extra amount is added to refund)

Can you tell me what was the refund calculated as per ITR and how much ITR assesment officer is refunding you?

I m not aware about exact %. I m more than happy if they just refund what I claimed without any scrutiny. Anything above that is bonus stuck_out_tongue_winking_eye grin

Deal Subedar Deal Subedar
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insta wrote:

The extra amount is the interest on additional tax paid
And the interesting part is this interest is to be considered as income during next year itr.

Do you know the interest %?

Deal Subedar Deal Subedar
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gargsahbbb wrote:

interest @ 0.5% per month or part thereof from 1st april till date of refund.

section 244a

Nice, Better than most FD stuck_out_tongue

Dimers will start paying lot of advance tax laughing

Deal Cadet Deal Cadet
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InvestPotato wrote:

Nice, Better than most FD stuck_out_tongue

Dimers will start paying lot of advance tax laughing

Yes I started doing this wink
6% interest rate is too much these days

Deal Cadet Deal Cadet
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InvestPotato wrote:

Btw @drjpatwa, How much additional money yo get along with the actual refund

Suppose
ITR Value = 1,00,000
Advance tax + TDS = 1,20,000

So, Ideal refund = 20,000
But people get = 20,000 + Y (extra amount is added to refund)

Can you tell me what was the refund calculated as per ITR and how much ITR assesment officer is refunding you?

The calculation is like this suppose you get 20k as refund and claim on ITR
Refund processed on 1st Dec
Interest calculated as – 6% p.a on 20k from April to Dec i.e 8 months

So Total Refund will be
20,000+800 = 20,800

800 is taxable next year

Deal Newbie Deal Newbie
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After how many days of confirmation you received your refund?

Deal Newbie Deal Newbie
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I also got the same mail. I had missed to claim HRA last year so tax got deducted from Employer. But while filing ITR, I tried to claim back extra tax which is around 40K.
Got the mail from IT Dept, so scared now , what to do? I also filed my return around August 2020 and got the email last week.

Blogger Blogger
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Thanks a lot all of u. I accepted it yesterday & got refund confirmation mail from them today itself.

For 32k refund after interest, it is showing some 34k refund.

Missing