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All About Income Tax Refund | Company Vakil

Income tax refund is a benefit given to the individuals who pay taxes, to get their return of taxes if the amount paid by them is exceeding the amount they are liable to pay.

PEOPLE WHO ARE ELIGIBLE TO FILE FOR INCOME TAX REFUND:

There can be situations where you have paid more income tax than authorized.

  1. If a taxpayer has paid more income tax than he should have and there is deficit in the assessment.
  2. If TDS deducted by the employer or the bank of the is more than it is supposed to be.
  3. If the tax is deducted in foreign country on the basis , where the government of India has an agreement with that country for double taxation.
  4. Taxpayer has not declared investment which can come under exemption from payment of tax.

HOW TO GET INCOME TAX REFUND IN INDIA

To get back the extra amount being paid, one can file for income tax return online, there are many forms available. And this can be done until 31st of July every year, until the time limit is extended.

HOW MUCH INCOME TAX DOES ONE GET REFUNDED

One gets back the amount after the total income tax has been paid. This amount is the extra amount paid. One can use income tax calculator to find it.

HOW LONG DOES IT TAKE TO GET THE AMOUNT REFUNDED?

The procedure can take up about 2-6 months, after filing for income tax refund.

HOW IS TAX REFUND PAID?

The return is paid through cheque or is directly transferred to bank account.

CAN ONE CLAIM INCOME TAX REFUND FROM PREVIOUS YEARS?
One can get refund of previous years, but only up to 2 financial years.

CHECKING TAX REFUND PROCESS ONLINE

One can check refund status online on the website- https://tin.tin.nsdl.com .

The various refund status that can come

  1. Refund expired:

The validity period for any refund to be presented is 90 days, after which it expires.

Steps to be taken:

  1. If it is physically filed then, contact assessment officer
  2. If made online, then request for re-issue of the refund.
  3. Refund has returned:

This means that the refund was made but due to some reasons it stands undelivered.

  1. If filed physically then contact the assessing officer as the post which might have come was returned back.
  2. If it was e-filed, and through direct transfer then, check the account details if they were correctly filled, check all the account details such as the status of bank account and immediately contact the bank if there is some problem.
  3. Refund has been adjusted in the previous year’s outstanding amount:
  4. Check the previous years’ returns statements and if there was any outstanding amount. Then contact the ward assessing officer/ CPC Bangalore.
  5. If e- filed, ask for help/grievance redressal.
  6. Refund was processed through NEFT/NECS but failed
  7. If it was filed physically, then ask the concerning assessment officer about it and file for refund re-issue request.
  8. If it was filed online, then go to your account, under my profile section; there click on ‘my account- my refund status’, check the status on your refund request. There can be two scenarios, it might show failed as some account details might be incorrect, so make the changes and file for refund re-issue request. And if everything is correct, ask for grievance.

WHAT INCOME TAX REFUND CHEQUE EXPIRES?

If the cheque expires, you can make a re-issue request online on tax e-filling portal.

WHAT IS THE INCOME TAX HELPLINE NUMBER AND E-MAIL ID?

If there is an issue regarding refund of the return of income tax amount then one can ask for help through Aayakar Sampark Kendra Toll Free No. 1800-180-1961 or an email  can be sent at refunds@incometaxindia.gov.in

If one wishes to make any changes or modifications in the income tax refund status or application or such related process at CPC Bangalore, one can call on the helpline number which is toll free and raise an issue regarding this on -1800-425-2229 or 080- 43456700.

If there is any other payment related enquiry, contact SBI contact center, toll free number- 1800- 424- 9760.

TAXABILITY OF INCOME TAX REFUND

The income tax refund is not taxable, as it is the extra tax paid by the tax payer. The income tax is levied on the total income of the person, and not on the taxes refunded, if it were extra. The income was already taxed and the amount had been already paid, and if there is any wrong assessment or exemption then that amount is refunded to the individual. So it is not taxed.

HOW DOES ISSUE OF TAX REFUND ARISE ?

The issue of tax refund arises, when there has been excess payment of taxes paid by the individual. This can be in case of a salaried individual, the TDS was cut more than it should have been, or the tax payer had failed to mention of his investments which fall under exemption of taxes.

IF ONE HAS REFUND RE-ISSUE REQUEST

In case of any problem the refund was not delivered to the individual. He has to file a request of refund again; it can be either manual or online. The refund might have not delivered if there was a mistake on tax payer’s side, so with the changes another application has to filed, stating reasons. And otherwise also if not received, mention the problem and raise the request again. The status of income tax refund application can be checked online after 2 or 3 weeks of filing application and refund shall be received after 2-6 months.

WHETHER ONE IS ELIGIBLE FOR INTEREST ON TAX REFUND

The interest shall be applicable if the tax was more than 10% of the tax that was required to pay. Also if the interest is applicable it shall be 0.5% per month from the date of assessment year until the refund is paid. For example: if tax refund application was filed for assessment year 2016-17, for Rs. 5000, then if the refund is paid by January 2017, the interest will be applicable from April 2015 to January 2017.

SUMMARY:

Income tax refund can be asked by any tax payer if he has paid more tax than it was required. He can check the status online, file the ITR form online, and if there is any problem raise an issue for resolving it. Income tax refund will be transferred or the amount will be returned in approximately 2-6 months after ITR has been filed by the tax payer.

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