FAQ for Income Tax Refund

I have received the physical ECS refund advice and status of refund is “paid” on website of refund status track but my account has not been credited. Whom do I contact?

In case credit is not effected in the taxpayer account through ECS but the refund advice has been received by the taxpayer AND the status shown is “paid”- in that case, the tax payer should contact his bank or SBI. You should contact SBI at the following address.
Cash Management Product (CMP)
State Bank of India
SBIFAST
31, Mahal Industrial Estate
Off Mahakali Caves Road
Andheri (East)
Mumbai – 400 093.
Phone Number: 18004259760 or email at itro@sbi.co.in

I have neither received the physical ECS refund advice and status of refund is “unpaid” on website track. Whom do I contact?

The tax payer should provide the correct account number and MICR code to concerned Assessing officer, where credit is to be effected. The Assessing Officer will inform SBI to send a fresh refund cheque to the taxpayer.

If the date of encashing the refund cheque expires, whom should I contact?

The tax payer should contact their Assessing Officer as well as CMP SBI at the below address:
Cash Management Product (CMP)
State Bank of India
SBIFAST
31, Mahal Industrial Estate
Off Mahakali Caves Road
Andheri (East)
Mumbai – 400 093.
Phone Number: 18004259760 or email at itro@sbi.co.in

How do I rectify any mistakes in the name, assessment year, PAN, account number printed on the refund cheque delivered to me?

In case of any mistakes on the refund cheque delivered to you, the following should be done:

i) Send the original refund cheque to CMP, State Bank of India at SBIFAST 31, Mahal Industrial Estate, Off Mahakali Caves Road, Andheri East, Mumbai – 400 093, Phone Number: 18004259760, along with a letter informing the mistakes on the refund cheque.

ii) Send a copy of the letter along with a copy of the refund cheque to your Assessing Officer.

iii) Retain a copy of the letter and refund cheque with you.

Is there any method available to know whether the refund record has been generated for the taxpayer?

The taxpayer can track the status of its refund from the NSDL-TIN website www.tin-nsdl.com by clicking on “Status of Tax Refunds”.

Refund status can be tracked by entering the PAN and Assessment Year for which refund is to be tracked.

Status of the refund can also be tracked by contacting the help desk of SBI at 080-26599760.

Whom do I contact for queries related to payment of refund which has been processed by ITD?

For any payment related query the taxpayer should contact SBI at 18004259760 or email at itro@sbi.co.in.

CBDT AMENDS RULES RELATING TO TDS

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No.41/2010; SO No.1261(E) dated 31.05.2010.

The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.

Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.

Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems).

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are

Sl.No. Date of ending of the quarter of the f.y. Due date
1. 30th June 15th July of the financial year
2. 30th September 15th October of the financial year
3. 31st December 15th January of the financial year
4. 31st March 15th May of the financial year Immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under

Sl.No. Category Periodicity of furnishing TDS certificate Due date
1. Salary (Form

No.16)

Annual By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted

2. Non-Salary

(Form No.16A)

Quarterly Within fifteen days from the due date for

furnishing the ‘statement of TDS’

DSM/BY/GN

Is it necessary to register the Sole Proprietorship firm in India?

No.

There is no formal registration is required for a sole proprietorship. You simply have to open a bank account with the name & style you want to work. But if you are liable for state VAT or service tax registration, then you have to obtain VAT and/or service tax registration. Further, for sole proprietorship, no separate income tax PAN is required. The PAN of the proprietor will be the PAN of the firm and proprietor will have to file income tax return in his personal name.

Now after announcement of KYC norms by RBI, it is mandatory to have at least two registration in the name of sole proprietorship firm. So now you have to submit two documentary proof for the name of sole proprietorship firm. Normally owner can get registration under shop & establishment act and under service tax or VAT.

 

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