Tax Refund
I am NRI president of a Japanese company.
My company filed tax return for 2017-18 by using a CA in Delhi.
My company is not registered in India so this company cannot open a bank account in an Indian bank.
My CA told me that now I can get the refund in a foreign bank account and he gave my foreign bank account in the forms.
https://timesofindia.indiatimes.com/business/india-business/nris-overseas-bank-info-needed-only-for-tax-refund/articleshow/59747976.cms
I received a notice that there is some refund but the refund cannot be paid as the account details are wrong. I checked. The details are correct.
My CA wrote to me as below:
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We discussed your case with senior Commissioner at Income Tax office and he told that although there is notification to remit the refund in Foreign bank, the utility for the same is yet to be incorporated with the department.
He suggest two modes of transfer in such case:
1. Open a virtual bank account in MUFG Bank, Ltd. with its Delhi Branch; or
2. Open a virtual bank account with Kotak Mahindra Bank- Delhi Branch sitting in Tokyo.
Whatever mode you choose share the account details, we will update this account number with Income Tax Department and get the funds remitted in that account and from there the refund can be easily transferred to your bank account with MUFG Bank, Ltd. Tokyo
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My questions:
1) Have you been successful in obtaining tax refund for your client in his/her foreign bank account?
2) Do you agree with the advice given by my CA?
2A) How long do you think it will take the IT department to incorporate the "utility" mentioned above?
2B) Do I have an option to wait for (6 months?, 2 years?) until the IT department to incorporate the "utility"?
3) Do you have any different advice for me to successfully receive the tax refund?
4) I have a bank account in an Indian Bank. Is there any way to get the tax refund of my company in my bank account?
Thank you advance.