An Income-tax refund is defined as the amount which is returned or paid by the Income-tax Department of India to the taxpayer. This situation arises when the taxes paid by a taxpayer are more than the actual tax he is liable to pay for the particular financial year.
There are certain cases in which a taxpayer can claim a tax refund.
- When TDS that has been deducted from your salary, from interest on bank deposits, from interest on bonds, etc. are much more than the actual liability then you can claim a tax refund.
- The advance tax which has been paid on self-assessment is much more than the tax liability should be according to the regular assessment.
- You have not submitted your tax-saving investment proofs as a result of which you had to pay more taxes.
- Double taxation of your income.
How can you claim your Income-tax Refund?
If you are eligible for Income Tax Refund, you can claim it by filing your Income Tax return. The filing for Income Tax returns has become easier and more convenient today through electronic filing or e-filing. With the e-filing method, the entire process of tax returns has become quite quick and simple. Even if you have forgotten to claim your refunds, Income Tax returns can be revised within the stipulated date and a request for a claim can be placed.
You are also eligible to earn interest on your refund amount if your refund amount is more than 10% of the total amount which is the tax liability for that particular financial year. Interest can also be paid on the amount refunded at the rate of 6% per annum levied on the amount refund. The interest which is obtained by a taxpayer on an ITR refund is considered taxable income.
Steps to check refund status
When tax paid is more than tax payable, there is a refund which is to be claimed by filing the Income-tax return.
To check the status of the Income-tax refund follows the below steps:
- Go to https://tin.tin.nsdl.com/oltas/refund-status-pan.html
- Below screen will appear. Enter the details.
- Click on "Submit"
Your refund status will be displayed.
You can also check your status of Income-tax refund using myITreturn.com. The steps are as follows:
- Click here - To know the refund status.
- Enter PAN, E-mail ID and Assessment Year and Captcha Code. Click on "Check Refund Status"
- You can also check refund status on our Mobile App. Click here to download the mobile app.
It is this simple to check your refund status.