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.
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