Income Tax refund now check online

Individual taxpayers can now track the status of their income tax refunds online.


To begin with, the facility has been made available in six cities -- Delhi, Mumbai, Bangalore, Chennai, Kolkata and Patna -- and will be extended nationwide in a phased manner.


In other cities, the refunds will continue to be issued by the Income Tax Department on a first-come-first-served basis.


To check the status of their refund, taxpayers can log in at https://tin.tin.nsdl.com/oltas/refundstatuslogin.html

If there is a problem, they can contact the assessing officer or the refund banker, the State Bank of India [Get Quote].


In case of any grievance, taxpayers can also contact the additional commissioner in charge of the range or the income tax ombudsman.


This facility is not for companies and trusts.


For faster processing of refunds, details of bank account like the bank, branch and MICR code (a nine-digit number on the bottom of the bank cheque) should be clearly mentioned in the tax return form.


Under the refund banker scheme, the refund amount will be either transferred electronically to the bank account of the taxpayer or be sent by way of a cheque delivered by courier.


The Income Tax Department plans to substantially reduce the return processing time, which is at present at least four months.


The department plans to set up six large central return processing centres in different parts of the country. All the returns captured in digital format will be processed at these centres.


The central return processing scheme was announced in the Budget 2008-09.

Year Ending requirments for Income-Tax assesse

The Income Tax department does not want too many papers as proof of investments made or expenses incurred. But it is always better to file them now.
So please rush! Here are ten things to do before March 31, 2008 or before the financial ends:
1. If you are claiming deduction for house rent allowance on account of actual rent paid, collect the rent receipts from the owner and keep them in your possession.

2. If you received any gifts during the year, please collect the gift deeds. The deeds should clearly state that you received the gift without any consideration.

3. In case you have changed employment during the financial year, you have to go back to your previous employer and collect the Form 16.

4. If you have donated to charitable trusts, obtain a receipt and also a certificate saying the trust is an approved one under Section 80G of the Income Tax Act, 1961.

5.Collect all your bank statements and TDS certificates, if any. This will help you calculate your earning from bank interest and deposit advance tax if required.

6. If you have a running home loan, you must collect the certificate of repayment of principal amount and the interest paid during the financial year from the bank.

7. If you are claiming an interest-paid deduction on an educational loan, get a certificate of repayment made in the financial year where the interest is stated separately.

8. Keep all receipts for contributions made to schemes listed under Section 80C, such as insurance payment, PPF, ELSS, and children's tuition fees.

9. In case you are claiming a deduction for any medical disability under Section 80U, do not forget to collect a certificate of disability from an authorised doctor.

10. If you are claiming deduction for payment of health insurance premium, you need to keep the premium receipt indicating that the premium was paid in cheque