Claiming income tax refund | Fusion - WeRIndia

Claiming income tax refund

Claiming income tax refund

Once filing return of income is done, many taxpayers can claim for tax refund after filing the return of income for a particular year. The date for filing the return each year is 31st of July. In case of any extensions, the tax department will notify so.

An individual is eligible for tax refund any year if the amount of tax paid by him/her exceeds the amount of tax payable by him. This is the only case he/she is eligible to a refund.

The best way to file tax refund is by declaring investments like insurance house rent being paid, investments in equity/NSC/mutual funds, bank FDs, tuition fees, premiums paid, etc in Form 16.

All necessary proofs should be submitted while filing the IT return. However, if any individual has failed to do so and have been paying extra taxes, then that individual should fill out Form 30. Any claims of refund should be made in Form No 30 in this case.

Furthermore, the individual has to make any claim of refund within one year from the last day of the assessment year. In case the taxpayer does not get the refund in due time as is the case many times, he/she is given interest on delayed refund.

However, such an interest is only given in case of delays from the department. No interest will be given on the refund if the proceedings resulting in the refund are delayed for the reasons due to the taxpayer.

Tax refund is done through the bank account of the individual using the 10 digit account number and MICR code through the State Bank of India.

There are cases where the individual might receive tax refund through cheque. It is important to keep the contact details and mailing address updated with the tax department.

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