Have you got an income tax refund?
All of you must have filed the Income Tax Return for the financial year 2018-19 on time. Timely filing of income tax returns is right. But have you got income tax refund? If you have not yet received income tax refund, it may be due to incorrect statement of bank. There may be more reasons for non-payment of income tax refund, 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 income tax return refund and related information.
When do you get income tax refund?
When you have paid more tax than your income, you are entitled to income tax refund. When your tax liability is less than the tax paid, the tax you have deposited more is refunded. You pay more tax when you earn income from more than one place. Income tax refund is done at the end of the year. You will get income tax refund if –
- The advance tax paid on the basis of self assessment is more than your tax liability.
- Invested in investment instruments, in which investment is exempt from tax and whose information has not been given before.
How to get income tax refund
- Calculate your income tax liability to calculate the income tax you get as income tax refund.
- 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 income tax refund?
- You can file an online income tax return. For this, you have to go to the ITR website and login.
- 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. give information about investment.
- Children’s tuition fees and money paid in home loan EMIs get 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 tax.
- If you forget to submit proof of investment, you can fill in Form 30. Form 30 is a type of request that your case be looked into, so that the extra tax you have filed 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. For tax refund information, you will have to enter PAN number and assessment year.
You can check the status of income tax refund through the following steps –
- To check the status of income tax refund, visit the website www..incometaxindia.gov.in or www.tin-nsdl.com.
- Go to the “Tax Refund Status” tab and give your PAN number and assessment year pain.
- 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.
- If you have not received the refund, here you will see the message “Refund Unpaid”. This may be due to incorrect account information.
- In this case you will have to verify your bank account details and then submit.
What to do if 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 obtain 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 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.