What is a Tax refund?
* When the tax liability or the amount of tax to be paid is less than the amount of taxes paid by the individual.
* For salaried individuals, it is possible that that the company deducted excess tax because you did not declare any of your investments to the company. In such a case, a tax refund may be helpful.
How do I get the tax refund?
1. Check your Income Tax Return, if it will show tax Refund (if any).
2. If yes then you don’t need to apply for it.
3. The income tax department will send it you by post to the address which you have mention on Income Tax Return.
4. Tax refund can also be debited directly to your bank account which needs to be mentioned on the tax return. (It is mandatory to mention Bank Account No., Micr Code of Bank,) other wise you will not get your refund.
In a situation where you think that you forgot (to mention bank account no., micr code of bank) or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted.
When can I claim for a tax refund?
Tax refund needs to be claimed with one year of the last day of assessment year.
What to do if I do not receive the tax refund?
If you do not receive your tax refund within a reasonable time (may vary from case to case) which normally is within a maximum of one year from the date of filing the tax return,
1. Check your Income Tax Refund Online.
2. You can either visit the tax department’s office for the follow up of the refund.
3. You can write a letter (along with the copy of acknowledgment of the tax return) to the concerned Income Tax Assessing Officer.
4. If it is still having problem you may write a letter to the jurisdictional Chief Commissioner of the Income Tax with a copy to the Grievance Cell and the concerned Income Tax Officer. This letter may be accompanied by the copies of previous letter/s written to the Income Tax Assessing Officer and a copy of the tax return filed.
* When the tax liability or the amount of tax to be paid is less than the amount of taxes paid by the individual.
* For salaried individuals, it is possible that that the company deducted excess tax because you did not declare any of your investments to the company. In such a case, a tax refund may be helpful.
How do I get the tax refund?
1. Check your Income Tax Return, if it will show tax Refund (if any).
2. If yes then you don’t need to apply for it.
3. The income tax department will send it you by post to the address which you have mention on Income Tax Return.
4. Tax refund can also be debited directly to your bank account which needs to be mentioned on the tax return. (It is mandatory to mention Bank Account No., Micr Code of Bank,) other wise you will not get your refund.
In a situation where you think that you forgot (to mention bank account no., micr code of bank) or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted.
When can I claim for a tax refund?
Tax refund needs to be claimed with one year of the last day of assessment year.
What to do if I do not receive the tax refund?
If you do not receive your tax refund within a reasonable time (may vary from case to case) which normally is within a maximum of one year from the date of filing the tax return,
1. Check your Income Tax Refund Online.
2. You can either visit the tax department’s office for the follow up of the refund.
3. You can write a letter (along with the copy of acknowledgment of the tax return) to the concerned Income Tax Assessing Officer.
4. If it is still having problem you may write a letter to the jurisdictional Chief Commissioner of the Income Tax with a copy to the Grievance Cell and the concerned Income Tax Officer. This letter may be accompanied by the copies of previous letter/s written to the Income Tax Assessing Officer and a copy of the tax return filed.
