Profit

Worried Over Your Income Tax Refund? Here Is A 10-Point Guide

 Share
EMAIL
PRINT
COMMENTS
Worried Over Your Income Tax Refund? Here Is A 10-Point Guide
Your employer has deducted excess tax. You have failed to declare your investments on time. Don't worry you can claim the excess tax back from the income tax department.
Here is 10-point guide
  • You can claim a tax refund by simply filing income tax return. If the tax return shows that you have paid excess tax, you need not apply for it separately.
  • If your taxable income is lower than the maximum exempted limit, you are not required to file return. But to claim any refund you have to file return.
  • Tax refunds have to be claimed within a period of two years from the end of the financial year for which the tax refund claim is related.
  • "Before claiming tax refund you have to check your tax credit statement or Form 26AS. Even if your return shows excess tax paid by you but the same is not reflected in your 26AS statement, you will not get the refund," says Sudhir Kaushik, co-founder of Taxspanner.com. 26AS shows that the tax paid against a permanent account number (PAN) during the year.
  • You can check your Form 26AS  on tax department's website.
  • Suppose your employer deducted tax but it was not deposited with the tax department, then it will not be reflected in your form 26AS statement.
  • Incorrect filing of tax return could cause delay in getting the refund, says Amit Maheshwari, partner at Ashok Maheshwary & Associates LLP.
  • If there is a delay in case of a refund, you will get an interest at the rate of 0.50 per cent for every month from the April first of the assessment year till the tax refund is paid to you.
  • However, in case there is any delay in refund due to a reason for which you are responsible, no interest will be paid for the period of delay. For example, if you have filed delayed return in August, you will only get interest from August onwards for the delay, if any, said Mr Kaushik.
  • You can check your tax refund status at tax department's website to check the tax refund status by entering information like your PAN and assessment year.


Comments

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top