{"id":102340,"date":"2021-05-10T16:15:59","date_gmt":"2021-05-10T10:45:59","guid":{"rendered":"https:\/\/legalwindow.in\/?p=102340"},"modified":"2021-09-13T14:32:51","modified_gmt":"2021-09-13T09:02:51","slug":"process-of-income-tax-refund-in-india","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/process-of-income-tax-refund-in-india\/","title":{"rendered":"Process of Income Tax Refund in India"},"content":{"rendered":"\r\n

We often come across the term \u2018tax refund\u2019. Let\u2019s understand what it means.<\/p>\r\n\r\n\r\n\r\n

A tax refund or tax rebate is a refund provided when the tax liability to the taxpayer is less than the taxes paid. Taxpayers can avail the benefit of tax refund on their income tax if the tax liability is less than the total amount of their withholding taxes and estimated taxes that they have already paid, plus the refundable tax credits that are claimed by the them. Tax refunds are usually paid after the end of the tax year if the income tax return is filed by the taxpayer.<\/p>\r\n\r\n\r\n\r\n

As per Sections 237 to 245 of the Income Tax Act, 1961, refunds arises in those cases where the amount of tax paid by a taxpayer is greater than the amount which he\/she is actually chargeable.<\/p>\r\n\r\n\r\n\r\n

Eligibility for taxation Refund<\/strong><\/h3>\r\n\r\n\r\n\r\n

Following cases make you eligible for an income tax refund in India-<\/p>\r\n\r\n\r\n\r\n

\"Eligibility<\/figure>\r\n\r\n\r\n\r\n

Steps to get Income tax Refund in India<\/strong><\/h3>\r\n\r\n\r\n\r\n

A Taxpayer is eligible to avail income tax refund once he\/she files the return of income. The due date for filing IT returns is 31ST<\/sup> July of every year.<\/p>\r\n\r\n\r\n\r\n

What is the amount of Income Tax that gets refunded?<\/strong><\/h3>\r\n\r\n\r\n\r\n

First, you should calculate the tax liability that\u2019s associated with the taxpayer, to ascertain the amount of tax that you will get back as IT refund. If the amount paid as taxes is more than the tax liability, then the excess amount will be refunded to your account.<\/p>\r\n\r\n\r\n\r\n

\"Process<\/figure>\r\n\r\n\r\n\r\n

How to get tax refund in account ?<\/strong><\/h3>\r\n\r\n\r\n\r\n

Generating an IT refund is a simple and seamless process. The payment is either done by cheque or is directly credited to the same bank account that\u2019s registered with Income Tax Department.<\/p>\r\n\r\n\r\n\r\n

Claiming taxation Refund<\/strong><\/h3>\r\n\r\n\r\n\r\n

The quickest and simplest method of filing your income tax refund is to declare all the investments in Form 16. Here, investments include LIC premiums paid, house rent being paid, investments in equity\/NSC\/mutual funds, bank FDs, tuition fees, etc. While filing your IT return, submit all necessary and relevant proofs.<\/p>\r\n\r\n\r\n\r\n

Fill out Form 30, in case you have failed to do so and have been paying extra taxes that you simply think you can avoid it.<\/p>\r\n\r\n\r\n\r\n

Let\u2019s understand what Form 30 is. Form 30 is basically a request that the case be looked into and analyzed, so that the excess tax that have been paid is refunded. The refund claim should be submitted before the end of the financial year. Also, your claim needs to be supported by a return in the form, as prescribed under Section 139 of the Income Tax Act, 1961.<\/p>\r\n\r\n\r\n\r\n

How to check Income Tax Refund Status?<\/strong><\/h3>\r\n\r\n\r\n\r\n