What is Income Tax Refund
The case for Income Tax Refund arises when the tax paid by an individual is larger than the amount of taxes that are supposed to be paid by him/her legally.The sections 237 to 245 under the Income Tax Act have a section on this concept.
How to get a tax refund in India
Tax-refund can be availed while filing your Income Tax Returns. The date of efiling Income Tax is generally on the 31st of July
To calculate the Income Tax Returns that you would receive you need first to reckon your total tax liability. If you have paid any extra amount as taxes than the tax liability, you will receive a refund equal to the differences
How can I make the payment for a refund?
Payment for refund can be either done by cheque or will be credited to your bank account.
How can I claim Tax Refund
To file your Income Tax Rund, you'll be required to fill Form 16 and submit the necessary proofs along with the application form.If you fail to submit Form 16, you will be required to fill form 30
How can Income Tax Refund be tracked
You'll receive a message from the Income Tax Department if your assessing officer has not initiated the refund process
How to get a refund through Direct Transfer
The refund amount can be credited to your bank account through RTGS/NEFT medium. The refund will be initiated by using your ten digit bank account number and MICR code. You can track your refund process through TIN-NSDL website
How to get a refund by cheque
The IT Department will send a cheque by pst payable at your name and you can track it by using the reference number given to you.
Interest payable on delay in the refund process
The Income Tax Department on delays is liable to pay an interest of 0.5% monthly. However, if the duration of delay is attributable to the applicant, the interest will not be paid by the Income Tax Department.