You have filed the income tax returns for the Financial Year 2018-19 in time. Great, this is a job well done. But, have you received your income tax refund? If you have not received the income tax refund yet, it could be because of incorrect bank details. It could also be because of other reasons, but this is a common one.
In the past; tax refunds were given through cheque or even directly to your bank account. Today, the only way to get the income tax refund is a direct credit to your bank account. The bank account must be pre-validated and linked to PAN from the current assessment year.
Want to know more on Tax Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
You are entitled to an income tax refund, if excess tax has been deducted from your income. This would happen if you earn multiple incomes.
You get a tax refund when your tax liability is less than the taxes paid. Tax refunds are paid at the end of the tax year. You get a tax refund if:
To file income tax refund, declare your investments in Form 16. Common investments are premiums on life insurance, house rent paid, investments in mutual funds, FDs, NSC, PPF, SCSS, ELSS, NPS and so on. Tuition fees paid for children and Home Loan EMI principal is eligible for tax deduction under Section 80C.
While filing ITR you must submit all relevant investment proofs. If you don’t, you end up paying extra taxes which can be avoided. You can fill Form 30 if you have forgotten to submit relevant investment proofs. Form 30 is a request that your case be looked into so that excess tax can be refunded. The income tax refund claim must be submitted before the end of the financial year.
Not Determined: This means your income tax refund has not yet been processed.
Refund Paid: This means your income tax refund has been transferred to your registered bank account.
Refund Expired: This status is for those who have opted to receive income tax refund through cheque. If the cheque is not encashed within 30 days of issuance, it expires.
Cheque Has Been Encashed: This means the income tax refund cheque which is issued against your name has been received and encashed.
Refund Returned: This means the cheque which has been issued by the Income Tax Department has been returned.
The income tax return form must be verified by the relevant authorities. If you have not yet received the income tax refund (This is even after the 3-4 month deadline of 31st July of a particular assessment year), it means the tax refund has not been verified. Just get in touch with the Centralized Processing Centre (CPC) of the Income Tax Department on 1800 4250 0025 or 080-2650 0025 to find out the reason for the delay.
What if you have not received income tax refund in due time? Well, you can receive the interest of 0.5% on the expected refund amount for each month or part of the month for which the refund is delayed. Interest rate would be calculated from 1st April of the relevant assessment year. But, if delay is because of something you have done, there’s no interest paid for the duration.
(You have to give a bank account where you want tax refund credited. This includes the name of the bank, the account number and the 11 digit IFS Code for foreign bank account).
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.