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Any person having income more
than the exempt limit in a particular financial year will be liable to file his
Income Tax Return u/s 139(1) in the respective assessment year. All types of income will be grouped in the
following head of Income.
1. Income
From Salary
2. Income
From House Property
3. Income
From Business and Profession
4. Income
From Capital Gain
5. Income
From Other Sources
The Income Tax Department had inserted
some new section. According to that any person who is covered under the
prescribed category have to deduct the TDS (Tax Deducted at Source) of the person
to whom that person is going to make payment. This system is established by the
Income Tax Department due to late collection process of the Tax.
Any of the above income it may
happen that TDS is deductible according to the TDS Sections. But such a person
is not having income more than the exemption limit of the respective Previous
Year. In that case the amount of TDS was deducted but he is not liable to pay
tax. It may also be happening in case of
TCS according to the explanation given in the above.
May times the estimate of payment
of Advance tax goes wrong and the assessee has paid the excess amount of
Advance Tax. In that case also the
person is not liable to pay such extra amount of tax based on his income but
due to any arithmetic or logical mistake he had paid an extra amount of tax to
the government department.
At the time of payment of self
assessment tax by mistake extra amount of tax is paid by the assessee and such
amount is not in the course of the Income which is in excess of the exemption
limit but it is paid wrongly to the department.
Assessee has any accrued income
on which he can get a rebate under section 89 (1). In such case he gets the
facility of rebate according to that such person will be given back some amount
of Refund by the Income Tax Department.
The above are the reasons due to
which the excess amount of tax is paid to the Income Tax Department which are
not required to be paid. So that the Income Tax Department is liable to give refunds
to the assessee. Such amount is given bank to the assessee within the
prescribed time period. If due to any reason if such amount is not given no
time to the assess than the Income Tax Department is liable to paid interest on
such amount.
Nowadays the Income Tax Department
is going to establish an e-payment system of Refund directly to the assessee’s
bank account. According to that system the amount of refund will directly deposit
to the assessee’s bank account and the
process of sending cheques will be terminated. The such check payment system is
sometimes become problematic for the both, Department as well as for the
assessee, because due to any reason weather it is due to inadequate address or
improper administration process the main goal of that system not fulfill.
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