Always fill correct Bank details in your return so that you don't face refund issue.
Always fill correct Bank details in your return so that you don't face refund issues.

We as taxpayers always think that getting a refund from the Income Tax Department is painful. But in actual, it is not so. The government of India is very helpful for taxpayers and is always at your disposal. But we do some mistakes on account of which we face trouble in getting I-T Refund. So on this information platform, I am providing you solution to your refund issues.

Have you got an income tax refund?

All of you must be filing the Income Tax Return for the financial year 2019-20 on time on or before 31st July 2020 if you are an individual person.

The timely filing of income tax returns is right. But have you got an income tax refund?

If you have not yet received an income tax refund, it may be due to incorrect details of your savings bank account.

There may be more reasons for non-payment of the income tax refunds, but there is no need to worry, as it often happens with people.

A few years ago income tax refunds were sent through checks and directly to your bank account.

But in today's time, the income tax refund is credited directly to your bank account.

Through this article, we are going to give you an income tax return refund and related information.

When do you get an income tax refund?

When you have paid more tax than your income, you are entitled to an income tax refund. When your tax liability is less than the tax paid, the amount of tax you have deposited more is refunded. You pay more tax when you earn income from more than one place.

The income tax refund is done at the end of the year. You will get an income tax refund if -


  • The advance tax paid on the basis of self-assessment is more than your tax liability.
  • Invested in investment instruments that have tax exemption from investing and which have not been previously reported.


How to get an income tax refund

When you pay more tax than the amount you are required to pay tax, you are entitled to get refund from the Income Tax Department.

Getting a tax refund is a simple process. Refunds are deposited directly into the given bank account at the time of filing the tax.


How to claim for the income tax refund?

You can file an online income tax return. For this, you have to go to the website of ITR and log in.

For filing income tax returns, give details of all your investments in Form 16. Such as term insurance premium, payment of house rent, mutual fund, FD, NSC, PPF, SCSS, ELSS, NPS, etc., and give information about the investment also.

Children's tuition fees and money paid in home loan EMIs also attract tax exemption under Section 80C of the Income Tax Act.

At the time of filing ITR, you have to produce proof of all the investments made by you. If you are unable to produce proof of investment, you will have to pay additional taxes.

If you forget to submit proof of investment, you can fill in Form 30.

Form 30 is a type of request that your case is looked into so that the extra tax you have paid can be refunded.

An income tax refund must be claimed before the end of any financial year.


How to track income tax refund?

You can get back the additional tax deposited in the registered bank account through ECS transfer.

You can also receive income tax directly through RTGS or NEFT to your registered bank account.

You can track income tax refunds through the NSDL-TIN website. You can track it by going to the website, clicking on 'Tax Refund Status' or through the Income Tax Department website.

You will have to enter the PAN number and assessment year for tax refund information.

You can check the status of income tax refund through the following steps -


  1. To check the status of income tax refunds, visit the website www..incometaxindia.gov.in or www.tin-nsdl.com.
  2. Go to the "Tax Refund Status" tab and give your PAN number and assessment year pain.
  3. If your refund has been processed, in this tab you will get a message stating the date of refund, mode of payment, reference number, and status.
  4. If you have not received the refund, here you will see the message "Refund Unpaid". This may be due to incorrect account information.
  5. In this case, you will have to verify your bank account details and then submit them.


What to do if the income tax refund is not received on time?

The income tax return form is verified by the authorities concerned.

If you do not get a refund even after several days of filing returns ie 3-4 months after the July 31 limit of any assessment year, it means that your tax refund has not been verified.

You can get information by contacting the Centralized Processing Center (CPC) of the Income Tax Department on 1800 4250 0025 or 080-2650 0025 to find out the reason for the delay in refunds.

If you do not get the refund on time, then every month 0.5% interest is paid on the expected refund amount.

This interest is paid only if the refund is delayed by the Income Tax Department. If the refund is not received on time due to any incorrect information given by you, interest is not received.

Thank you for staying to the end. For further information, you can refer to the Tax Guru Episode telecasted on CNBC Awaz. Video credit goes to the Tax Guru.




 
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DISCLAIMER The information provided in this article is for general informational purposes only. All efforts have been made to provide accurate information in this document, however, it should not be perceived as professional or legal advice. The reader should consult a professional before making any decision based upon this document. Under no circumstance, the author or the publisher shall have any liability to you for any loss or damage of any kind incurred as a result of the use of this information.