Bcom Tax 3rd Semester - 2020

1. RECOVERY AND REFUND OF TAX
Vocational course IV: CX 1372
(3rd Semester B.com Tax)
PART-7
By SUNIL CHANDRAN.S
Dept of Commerce
NSS College Pandalam

2. Module - IV
Refund of Tax
 Meaning of Refund of Tax
 Situation under which refund claim arises
 Person entitled to claim refund
 Procedure for claiming refund
 Interest on delayed refund

3. Today’s class
Issue of Refund
Interest on Refund
Interest on Excess Refund

4. Issue of Refund
• If the A.O is satisfied that the claim for refund
is genuine and in order, he will complete the
assessment and will issue a refund voucher
payable at the Reserve bank or the state bank
or any treasury or sub-treasury.
• The refund voucher issued shall be encashed
within 3 months from the date of its issue.

5. Issue of Refund… contd
• If the assessee fails to encash it within 3
months, he will send it to the A.O, stating the
reason for non-encashment and get a fresh
one.
• If the assessee is a resident and the amount of
refund is small, the amount may be sent by
Money order at Government cost.

6. THANK YOU