Most of us do every year: file income tax. Many, however, are unaware that the government allows one to actually get money back-off-set. We term this a tax return refund. Should you pay additional taxes, the government reimburses them to you; only if you properly file your return will this be done.
Let’s figure out how it works and how fast you might be refunded.
Refund for a Tax Return?
The extra money you get back upon paying more taxes than required is known as a tax return refund. This might result from:
- TDS reduces more than what the company or bank requests.
- Advance tax paid exceeded last tax paid.
- Not turned in on schedule investment proofs.
- Incorrect computation of income.
Filing your income tax return is the only way you will be able to get your tax return refund.
Who Qualifies for a Refund?
- If you are salaried and TDS exceeds what is required, you may be entitled for a refund.
- You paid extra advance tax and work for yourself.
- Your income comes from two sources, and your total tax overpaid.
- Since you are an NRI, tax was deducted from income not subject to taxes.
Claiming Tax Return Refunds in India
Use these simple guidelines to have your tax return refund:
- On the official portal, www.incometax.gov.in, file your ITR, Income Tax Return.
- Verify proper addition of all income and deductions.
- Use IFSC code and a correct bank account number.
- Send and electronically verify the return using net banking or Aadhaar OTP.
- Follow your refund status online.
The Income Tax Department handles your return once confirmed and forwards the tax return refund to your bank account.
The Duration is…
Usually, 7 to 45 days follow e-verification. Your tax return refund will be processed even more quickly if your return is error-free.
Advice on Receiving Your Refund Without Delay
- Always e-verify your ITR right away.
- Link your PAN to Aadhaar.
- Use a pre-validated bank account.
- Steer clear of form errors including incorrect income, bank details, etc.
- Get your return filed before the deadline.
What Happens Should the Refund Be Delayed?
Verification or mismatch causes the refund to take time occasionally. On the income tax page, you may:
- View refund status.
- Visit tin-nsdl.com to view “Know Your Refund Status.”
- Should it be delayed further, under the “Grievances” section ask a question.
Conclusion Notes
Your own money is a tax return refund; do not miss it only because of delay or uncertainty. You can get your refund quickly by timely filing of your return including accurate details. Getting the money back into your account makes one very happy!
Thus, find out whether you are qualified for a refund next time you file your ITR. You might be shocked by the amount you could get returned.