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

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

insta wrote:

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

Thanx..

Can someone tag CA dimers here. Trying to tag few dimers by their name.

@CA.MAYANK.KOTHARI @CA.CEEJAY @ca9440777466784 @ca_vinodagrawal @caakash777535 @ca.009.ags

Its common..i also got for 8k

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.

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.

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...

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

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

Thanks all for replying

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

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?

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

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.

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

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 %?

gargsahbbb wrote:

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

section 244a

Nice, Better than most FD

Dimers will start paying lot of advance tax

InvestPotato wrote:

Nice, Better than most FD

Dimers will start paying lot of advance tax

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

InvestPotato wrote:

Do you know the interest %?

6% p.a

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

After how many days of confirmation you received your refund?

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.

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.