Many taxpayers file their Income Tax Return every year, but they are not very familiar with the Tax Refund process. A taxpayer can claim Income Tax Refund when he/she is eligible to do so.
A taxpayer is eligible to claim tax refund, when he/she has paid more tax than his/her tax liability.
This situation generally arises when someone has paid Advance Tax, Self-Assessment Tax or in case extra TDS is deducted. In these situations, the Taxpayer can claim Income Tax Refund.
What is the process of Claiming Income Tax Refund?
A Taxpayer can claim the Income Tax Refund for the excess tax paid/deducted during a particular financial year while he/she is filing his/her Income Tax Returns for that Financial year.
All India ITR Login | Start Filing Income Tax Return
According to the Income Tax Act, a taxpayer is supposed to file his/her Income Tax Return in the relevant Assessment Year by July 31 to claim the Income Tax Refund. The Financial Year immediately succeeding a financial year is the relevant assessment year (AY) for that particular Financial Year.
A taxpayer can file his/her IT return either by uploading the filled excel/java utility form or by providing the required data in the online forms, this condition is applicable to those who will be filing ITR-1 and ITR-4.
Comments
Post a Comment