Needless to say, the process of filing income tax returns constitutes one of the most vital elements in order to sustain the corpus of national health.
So far as the prospect of income tax refund status is concerned, most tax payers tend to get befuddled about the whereabouts of accurately claiming income tax refund.
In order to request for an income tax refund, it is naturally important to be first and foremost eligible for it. In order to be eligible for filing or claiming an income tax refund, it is imperative to have disbursed a greater amount of tax to the government than the actual tax amount.
Steps for Claiming Income Tax Refund
So far as the income tax refund status is concerned, it is important to consider the following steps in order to file or claim income tax refund:
- It is important to know that any individual or tax payer can claim the fund of the redundant tax shelled out during a particular financial year while filing his or her tax returns in that year.
- Another very important clause to consider is that according to the provisions of the Income Tax Act of India, the concerned individual or tax payer is needed to file his or her relevant tax return in the applicable assessment year by July 31 in order to claim the refund.
- So far as the income tax refund status is concerned, it must be understood that the financial year immediately succeeding another is the apposite assessment year for that financial year.
- So far as the income tax refund status is concerned, it is important to note that any individual can file for his or her return by either uploading the utility form or by furnishing relevant date as required by online forms.
- It is important to realize that once the concerned individual has filled the ITR form, he or she needs to click on the validate button on the ‘Taxes paid and verification’ sheet.
- After doing so, the system will automatically compute the amount of refund due to the concerned tax payer according to the data provided.
- The user or the taxpayer should be able to see a Refund row on the page. This is exactly where the calculated amount of refund would be displayed.
- So far as the income tax refund status is concerned, it must be noted that the amount of the refund due to the concerned tax payer is not necessarily what is ordinarily accepted and shelled out by the IT department.
- It must be understood that the refund amount that will be eventually paid out will be decided upon by the IT department only after the filings of the concerned tax payer have been thoroughly processed.
- So far as the income tax refund status is concerned, once the returns have been filed by the tax payer, the IT department will launch a due verification process in order to verify the truth of the claims already made.
What Happens After Processing of the Returns?
- After processing the returns, it must be remembered that an intimation will be relayed counting on the outcome of the investigation or the processing.
- So far as the income tax refund status is concerned, it may also be noted that in cases of e-filed returns, the so called intimation is, generally speaking, relayed through e-mail.
- The intimation, along with stating the ITR, is relayed to the registered mobile number also. In case the concerned department seeks any further information about the tax payer, a separate notice may be sent.
- It is important to know that the intimation sent to the concerned tax payer also contains the amount of the refund that is payable, if the refund amount due is finally accepted. The concerned department provides the refund reference number
- So far as the income tax refund status is concerned, one may track the status by logging into the e-filing website and clicking on the option Refund/Demand Status.
- The above mentioned option is to be found below the ‘My Account’ tab.
- So far as the ITR form is concerned, it is important to know that the ITR form consists of a separate row for filling in the relevant details of the bank account.
- If the due refund amount is accepted, the bank account as mentioned in the ITR form will be used for crediting the said amount.
- Another very important thing to mark is that if refund is due to the tax payer, the interest also shall be payable to him or her subject to certain terms and conditions.
- It is important to realize that the mode of calculation of the amount of interest is generally computed on the basis of the mode of payment.
- However, it must be remembered that no interest will be payable if the particular amount of refund is evidently less than ten percent of the tax liability.
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