The Income Tax Department under Finance Ministry always order/advice us to submit the returns by a specific date every financial year. Nevertheless, we pay the advance taxes well in time to avoid any interest.
In addition, the department also orders/suggests various public and private sector organisations to deduct taxes (TDS) while making any payment to anyone. And guess what? these organizations are supposed to deposit the funds in the Income Tax Accounts till a specific date, failing which they have to pay heavy interest.However, when it comes to the refund of excess taxes paid by the income tax assesse, the “specific date” almost seems to be an out of the question thing. Yes, neither the date is declared nor any time period by which the assessee can receive the refund amount is announced.
My concern like many of the tax payers is the declaration of the exact date of “Refund of Excess Taxes Paid”.
According to me,
“The Finance Ministry should declare the Refund Date (Assessment Year Wise) publicly and this refund date should not be more than 60 days (in this era of Computers, Internet and ECS) from the date of submission of Income Tax Return by any one (Individual or Corporate) on first come first serve basis.”
Well, I’m sure the Income Tax department can easily refund the excess taxes to every tax assessee within 2 months. And let me tell you, if this department fail in doing a small transaction in 2 months, I’m not sure with the same attitude, execution, and process, they can even finish it in 2 years or even 2 decades.No wonder, whenever the assesee inquires about the refund status, he is always treated as an ignorant who is unknown to the whole world of Income Tax. I wonder, how come a layperson questions the department if he does not know anything regarding to Income Tax.
Do, they mean the Ministry of Finance and Income Tax Department knows it all and the common man knows nothing? In addition, the department is quick to snap back by saying, “What if it is delayed, don’t we give you the interest?” My answer to these government servant is, “Who is interested in minuscule interest, when our major concern is refunds” Oh please, time to change this attitude!This matter is not as small as it is seem, and the Income Tax Department should resolve it by taking it as a top priority thing.
So, the sooner we receive, the better it is not only for us, our business but also India, as a whole. Isn’t money should always be rolling? Nevertheless, by delaying the refund they are not only delaying the progress of the tax assess but also the progress of the country.
Lastly, I think it is high time that the system of the Govt., to keep the public in dark every time should be stopped with immediate effect.
By: R.N. Verma
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