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Tuesday, Mar 09, 2004

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I-T refund advices

Our Bureau

THIRUVANANTHAPURAM: Income-tax refund advices for refunds of up to Rs 9,999 will now be forwarded by the Income-Tax Department directly to the assessee, along with the income-tax refund order.

Stating this, Mr K.L. Kuriakose, Chief Commissioner of Income Tax, Thiruvananthapuram, said the Central Board of Direct Taxes (CBDT), New Delhi, has effected these changes in the procedure for issue of refund orders through Instruction No. 15/2003 dated November 6, 2003.

Under the revised procedure, the Reserve Bank of India can pay the income-tax refunds only if they are accompanied by corresponding advices. Assessees who receive refund orders have been requested to present to their bankers both the income-tax refund order and the income-tax refund advice so that instances of income-tax refund orders returning unpaid from the RBI for want of advices may be avoided.

Mr Kuriakose further clarified that there is no change in existing procedures with respect to refund orders amounting Rs 10,000 and above.

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