Issue of refund orders Instruction.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... owing steps must be taken while issuing refund to assessees in order to issue reduce refund related grievances. 1. i) Issuance of Bank Advice - In a case where bank advice is required to be sent to assessee, it must be ensured that it is invariably enclosed alongwith the refund voucher. - In a case where bank advice is required to be sent to the Bank, it must be ensured that advice is sent t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... iii) Adjustment of refund with outstanding demand It has already been prescribed vide Instruction No. 1952 dated 14.8.98 that as per section 245 of Income tax Act, 1961, a written intimation regarding proposal for adjustment of refund is required to be issued to the refundee. It is reiterated that in all cases a written intimation must invariably be send before adjusting refund with outstanding .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... required before a refund is issued, it must be ensured that interest under section 244A is given to the assessee till the date, the assessing Officer signs the refund voucher (after obtaining approval of superior authority). For the time lag between submission of proposal and actual grant of refund, the assessing officer shall work out the amount of interest and grant the same to assessee. No sepa .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X