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faizan khan
Posts : 11332
Join date : 2019-01-07

What is Tax Refund ? - Page 6 Empty Re: What is Tax Refund ?

Thu Jan 10, 2019 6:27 pm
Every year we all file income tax returns (ITR) but most of us are not sure about how the process of claiming income tax refund works....
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faizan khan
Posts : 11332
Join date : 2019-01-07

What is Tax Refund ? - Page 6 Empty Re: What is Tax Refund ?

Thu Jan 10, 2019 6:27 pm
If refund is due to a taxpayer, section 244A states that interest shall be payable to the taxpayer/assessee subject to certain terms and conditions.
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faizan khan
Posts : 11332
Join date : 2019-01-07

What is Tax Refund ? - Page 6 Empty Re: What is Tax Refund ?

Thu Jan 10, 2019 6:28 pm
A tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid.
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faizan khan
Posts : 11332
Join date : 2019-01-07

What is Tax Refund ? - Page 6 Empty Re: What is Tax Refund ?

Thu Jan 10, 2019 6:30 pm
There is no separate procedure as such in order to claim an income tax refund due to you. You can claim tax refund by simply filing the return of income in the usual manner. Ensure your return is electronically verified through aadhar number otp, EVC generated through bank account or physically verified by posting the signed ITR-V (acknowledgement) to Centralised Processing Centre (CPC) within 120 days of filing the return.
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faizan khan
Posts : 11332
Join date : 2019-01-07

What is Tax Refund ? - Page 6 Empty Re: What is Tax Refund ?

Thu Jan 10, 2019 6:30 pm
The earlier you get the verification done, the earlier CPC will process your return. Once the returns are processed by CPC at primary level for arithmetical errors etc, refund will be issued to the taxpayer. If verification of return itself is delayed, processing of return and issue of refund too will be delayed. Further, e-verification is faster compared to physical verification.
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faizan khan
Posts : 11332
Join date : 2019-01-07

What is Tax Refund ? - Page 6 Empty Re: What is Tax Refund ?

Thu Jan 10, 2019 6:30 pm
Many a time, it is possible that your return may not have been completely processed by CPC for some reason and no refund is issued to you. Please note that taxpayer’s records, for every assessment year, are transferred to jurisdictional assessing officer by CPC after a particular time period. An intimation will be sent to the taxpayer informing the same.
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faizan khan
Posts : 11332
Join date : 2019-01-07

What is Tax Refund ? - Page 6 Empty Re: What is Tax Refund ?

Thu Jan 10, 2019 6:31 pm
You might have noticed in many cases that the refund amount received by you is slightly higher than the refund amount claimed in your income tax return.
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What is Tax Refund ? - Page 6 Empty Re: What is Tax Refund ?

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