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issued to the taxpayer before the expiry of one year from the end of the tax year in which the return is filed. The timeframe has also been relaxed, and it has been directed that the return be processed within six months from the end of month in which ITR-V is received. The intimation of the processing has to be sent to the taxpayer as per the procedure laid down.
Interest on such delayed refunds may also be allowed only for the period the ITR-V is received and processed by the CPC.
In view of the above, the taxpayer can visit the official website of the Income Tax department's e-filing portal to check the status. In case the taxpayer’s ITR-V has not been received by CPC, no status would be displayed. In such a scenario, the taxpayer may avail himself of this opportunity and send a fresh copy of ITR-V to CPC by speed post to ensure it reaches by March 31, 2014.
A welcome step by the tax authorities, it may be the final opportunity for the taxpayers to resolve their grievances with respect to ITR-V for these three years.
The writer is director – Tax & Regulatory Services, EY. Views expressed are personal