Income Tax Refund

An income tax refund is issued by the Income Tax department after a taxpayer files income tax return during physical or online mode. The income tax refund is the difference between the tax levied and tax paid amount which a taxpayer acquires after filing the income tax return. As per Sections 237 to 245 of the Income Tax Act, 1961, an ITR Refund is allotted only after a taxpayer-paid the excess amount of tax than the actual tax amount.

Who can get an Income Tax refund?

In following cases, an individual or business entity can acquire a tax refund

• If you have paid advance taxes on the base of self-assessment and have paid more amount than actual tax liability.
• If excess TDS has been subtracted from your salary or bank deposits or security interest or debenture interest.
• If the regular tax liability gets decreased due to any error during the regular assessment process.
• If you have paid taxes in abroad for the related income you have taxed in India, you can claim a refund. This is mentioned under the rules of DTAA.
• If you have neglected to claim tax benefits or deductions against any tax saving investment.
• If the tax paid amount is in a negative figure even after considering paid tax and reductions claimed.

Importance of Filling Income Tax Return

According to income tax laws, filing the Income Tax return and updating your Income-tax Return status is obligatory for every individual or entity whose income exceeds the threshold limit mentioned in the Income Tax Act-1961.

• Filing the return on time is the first and foremost necessity for claiming the Tax refund, by providing the adequate income and tax payment details.
• File your return online is desirable so that it is processed faster and it doesn't have to go through the bureaucracy.
• Check your Income Tax Return status and ITR V acknowledgement to see if it's reflecting the tax refund correctly.
• Also, get TDS Refund Back, if your client or employer deduct your TDS while making payment, it might be that you're eligible for Tax Refund. On Income Tax Return filling you can claim your TDS credit and get a refund back excess TDS deducted over your net tax liability.

Conditions of Income tax refund Online

There are numerous income tax provisions available in Form 26AS which income tax authorities issue Income Tax Refund to taxpayers. Below is an exhaustive list which includes types of ITR Refund issued commonly.

We categorize income tax Refund in various cases -

• Not Determine ITR Refund
• Income Tax Refund already paid by cheque
• Income Tax Refund failed because of incorrect bank details
• ITR Refund Expired.
• ITR Refund Returned
• Income Tax Refund adjusted against last year's outstanding demand

How can we help you get ITR Refund?

We have income tax specialists in our team who can understand and claim the reason for the income tax Refund served to you.

Our professionals not only help you advise what steps to be taken in response to income tax refund but also can represent income tax authorities on behalf of you.

Our professionals will look into the issue, request supporting documents/information; also provide guidance regarding the income tax refund procedure.