Remember Financial Year is not the same as Assessment Year unlike in the US ;-) Indians are kings when it comes to making things complicated - The positive side is that your braing gets to work more :) So Financial Year 2011-2012 is also read as Assessment Year 2012-2013 (Financial Year starts from April of a given year and ends in March of the subsequent year. Whereas Assessment Year is that financial year in which the assessment of your returns is done) So if you are filing your returns for Financial Year 2011-2012 (April'11 - Mar'12) then your ITR-1 will state it as returns filed for Assessment Year (2012-2013) because it is submitted for assessment in the Financial Year 2012-2013
You can track the status of your past IT Refunds online using the following link: IT Refund Online Status
In case there is an old refund pending then the Income Tax department may ask you to submit an Indemnity Bond, which is a self-declaration that you have not received that specific refund in the past and in case of duplicate refund you will pay the IT department back the excess amount (This is kind of a standard procedure so safe to do). Read Indemnity Bond for IT Refund for more information on the format of Indemnity Bond for IT refund and how to get a refund reissued to you in case you Cheque from IT department has returned back due to change in address, etc. Interestingly, the IT department has also included a new feature on their website, wherein you should be able to request for the reissuance of your cheque online. Since this process is absolutely new, I am not very sure how this works but you can always write a letter to CPC to place a request for reissuing your returned cheque (I have put the format of the letter on my blog).
If you receive any cheque for refund from the IT department, you should take a moment to thank God because you are one of those lucky few who get it on time or get it at all. Any cheque that you get from the IT department MUST be submitted in person to the the bank. Make sure the person who the cheque is addressed to signs at the back of the IT Refund and is physically present at the Bank. Signing behind the IT refund order is important because thi sis your acknowledgement given to the Govt. of India that you have received the refund. If the IT Refund Order is an outstation chequeue then it may take up to a week before the amount is credited into your Bank account.Unfortunately regardless of whether you mention the mode of refund as ECS, the IT department is stupid enough to issue a physical cheque thereby complicating things (which as stated earlier is normal in India). However state of affairs have shown a significant improvement over the last decade though I agree there is so much that can still be improved.
If you receive any cheque for refund from the IT department, you should take a moment to thank God because you are one of those lucky few who get it on time or get it at all. Any cheque that you get from the IT department MUST be submitted in person to the the bank. Make sure the person who the cheque is addressed to signs at the back of the IT Refund and is physically present at the Bank. Signing behind the IT refund order is important because thi sis your acknowledgement given to the Govt. of India that you have received the refund. If the IT Refund Order is an outstation chequeue then it may take up to a week before the amount is credited into your Bank account.Unfortunately regardless of whether you mention the mode of refund as ECS, the IT department is stupid enough to issue a physical cheque thereby complicating things (which as stated earlier is normal in India). However state of affairs have shown a significant improvement over the last decade though I agree there is so much that can still be improved.
I hope this information helps you get you track and get your IT Refunds
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