Like every financial year, there are many taxpayers who file their income tax return. But forget to know about the process of claiming income tax refund status. However, income tax refund status is a part of e-filing ITR that basically arises in ITR filing season. Besides this, Income Tax refund status depends upon a condition when you have paid more taxes to the government as compared to your actual liability. It happens when the advance tax, self-assessment tax paid or TDS deducted of the taxpayer is higher than the total tax liability of a taxpayer.
How can I claim my tax refund?
If you want to claim for a tax refund you need to submit written proof to the Department about your income and deduction details, in a way of filing your income tax return. Make sure that you provide all the relevant information of all your income deducted during the financial year so that the segment of refund will reflect in your income tax return. Additionally, to claim your income tax refund, online filing of the return is necessary.
According to the income tax act, an individual is required to file his return in the relevant assessment year by July 31 to claim the refund. And a person can file his/her return either by uploading the filled excel/java utility form or by providing the required data in the online forms (Only for those eligible to file ITR 1 or ITR 4 form).
What if you forgot to file ITR?
Don't worry if you miss the ITR filing, you can apply for belated return under sector 139(4). The claim of the refund has to be made using 'Form 30'. It has to be completed within one year from the last day of the relevant assessment year i.e. the AY relating to the financial year for which the return is filed.
Interest on refund
If refund is due to taxpayer, then as per section 244A the interest shall be payable to the assessee in subject to certain terms and conditions. Although, the interest on refund is payable to a taxpayer if return is filed on or before the due date i.e. July 31st of the assessment year
How much time does it take for refund to get credited in Account?
As per the Income Tax Department procedure, the refund will be credited in your bank account after you have filed and verified the Income Tax Return. Generally, it takes 20-45 days from the date of e-verification of your Income Tax Return to get your refund credited.
However, for the returns, verified through sending of ITR-V to CPC Bangalore, it may take some extra time.