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How to Claim Income Tax Refund on Excess Tax Paid? Research Team | Posted On Tuesday, August 28,2018, 02:40 PM

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How to Claim Income Tax Refund on Excess Tax Paid?



Getting an income tax refund is like winning a lottery. You just can’t describe the feeling. Getting a refund from the Income Tax Department is something you can’t describe in words.

This is a once in a year opportunity and you mustn’t miss it. Just glance through some tips and get that income tax refund to your bank account.

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How to Claim Income Tax Refund on Excess Tax Paid?

What are income tax refunds? You are eligible to get an income tax refund on paying more tax to the Government, than your actual tax liability. You get an income tax refund on paying higher Advance Tax, TDS or Self Assessment Tax, than your actual tax liability.


1. How to claim Income Tax Refund on Excess Tax Paid?

You can claim income tax refunds when filing income tax returns (ITR), if excess tax is deducted during a financial year. You have to file ITR before July 31st.  (The last date to file ITR has been extended to August 31st).  

Remember: Financial Year (FY) is the year you earn salary/income. Assessment Year (AY) is the year immediately succeeding the Financial Year. The income earned in the Financial Year is assessed and taxed in the Assessment Year. The Financial Year is from 1st April 2017 to 31st March 2018. You earn income/salary in this year. Assessment Year is the following year (AY 2018-19) in which the salary/income you earn in FY (2017-18) is taxed.


2. File Income Tax Returns early

Filing ITR at the last minute? This habit can cost you. After filing income tax returns, the income tax department assesses the ITR and then issues the refund. Faster you file ITR, faster you get refunds.

Late ITR filing means a penalty (late filing fee) and you lose interest on the refund. File ITR early and claim tax refunds.


3. Claim tax refund

You can avail tax deductions like Section 80C, Section 80CCC, Section 80D, Section 80DDB, Section 80E, Section 80EE and many more Section 80 deductions commonly called Chapter V1A deductions to save tax. You can claim tax deductions and exemptions on various investments and expenses. Do tax planning and avail tax deductions and exemptions to claim a tax refund.

If your employer issues the Form 16 without any deductions, you can still claim income tax deductions. Form 16 is just a certificate which shows the employer has deducted TDS on salary. This amount is then deposited with the Income Tax Authorities.


4. How to claim income tax refund after due date?

You can claim income tax refunds even for belated tax returns. Belated ITR is filed after the due date (post July 31st). The last date to file ITR has been extended to August 31st 2018.  

You can claim income tax refund or file a loss return, even up to 6 years. These returns would be accepted only after a letter for condonation of the delay is filed and accepted by the income tax officer.


5. Avoid mistakes when filing ITR

File income tax returns carefully. Making mistakes when filing ITR means revised tax returns. You will have to wait longer for the income tax refund. Providing incorrect bank details when filing ITR could mean a delayed refund. You will have to fill correct bank details and raise a refund reissue request which takes time, delaying income tax refund.

To apply for the income tax refund again, login to the Income Tax e-Filing website and go to “My Account”. You then click “Refund Re-Issue Request”. You then update bank account details or Permanent Address Details if changed.


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6. Check tax refund status

The IT Department has given you an online facility to check tax refund status in India. Track the status of refunds using e-filing portal of the Income Tax Department. If refunds are delayed, track the reasons from the e-filing portal.

1. No Demand No Refund Status: This means that you filed for an income tax refund, but as per calculations of the income tax department, there’s no refund. This is because their calculations do not tally with your calculations, as there’s mismatch in TDS or improperly filled Sections when filing ITR.

2. ITR processed refund determined and sent out to Refund Banker: You must have seen ITR processed refund determined and sent out to Refund Banker, when checking tax refund status. This means your income tax refund has been accepted by the income tax department and refund details have been sent to the refund banker. He is tasked with processing your tax refund. You will receive the latest details on refunds from the refund banker service. This includes speed post tracking or any error messages like incorrect permanent address or bank account details.

3. Refund unpaid: What does this mean? If you see the refund unpaid when checking tax refund status, it means the Income Tax Department has sent you the tax refund. Unfortunately this refund has not reached you, as address provided to the IT Department is wrong or the cheque was returned.

This could also mean income tax refund was not processed as you submitted incorrect bank account details and IFSC Code.


Correct errors and get refunds:


  • Enter the PAN Number and the Assessment Year on the Refund Bankers website.
  • Identify why you have not got tax refunds and then login to the Income Tax E-Filing Website.
  • Correct the mistakes which could be incorrect bank account details or IFSC code.
  • After making the correction, apply for “Refund Reissue Request” and get the income tax refund.


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