Several assessees not getting IT refunds on time even after processing of return

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Many income tax assesses who had filed their IT returns for the last fiscal have not got their refunds despite being entitled to get them. According to senior tax consultant & CA Kailash Goduka the IT Dept. in many cases has withheld the refunds thereby incurring a loss for the customer who loses out on interest had he kept the money elsewhere while the Government earns interest on deposits from these accumulated refunds due to assesses. Goduka also said that returns should have been credited to the customers’ accounts in a matter of few days but this has not happened.

Readers, who have filed their IT returns but have not been able to get refunds can write to us if they wish so, to get more information and guidance on refunds from our tax consultant on e-mail ID reporter