How to claim an income tax refund?

I am 31 years unmarried, residing in Shirva and working for a Company there. Excess TDS has been deducted from my salary. I want to claim an income tax refund. Can you please tell me how to claim an income tax refund?

Asked by : Kavitha - Shirva | 794 Views

You are eligible to receive income tax refund when you have paid more tax to the government than your actual tax liability. You can claim the refund of the excess tax paid/deducted during a financial year while filing your income tax returns for that year. · As per the Income Tax Act, youare required to file returns in the relevant assessment year by July 31 to claim the refund. · You can file your return either by uploading the filled excel/java utility form or by providing the required data in the online forms (Only for those eligible to file ITR 1 or ITR 4 form). Once you fill up the entire ITR form applicable to you and click on the validate button on the 'Taxes paid and Verification' sheet the system will auto calculate the refund due to you (as per the data entered by you) and the refund amount will show up in the 'Refund' row. This is the refund amount claimed by you and not necessarily what is accepted and paid by the IT department. The refund amount, if any, that you will be paid will be decided by the IT department after processing your return. Once you file and verify your ITR the I-T department will process it and verify the genuineness of the claim made. After processing of return, an intimation will be sent to you depending on the outcome of the processing. Intimation under section 143(1) is sent to you showing: 1. That your tax calculation matches that of the tax department and no further tax is payable by you. or 2. That your calculation does not match that of the tax department and there is additional tax (called tax demand) payable by you or your refund claim is rejected or accepted partially. or 3. That your calculation matches that of the tax department and refund claim is accepted by it. In case refund due to you is accepted, the intimation also states amount of refund that is payable. The department provides the refund reference number. You can track the status of refund by logging in at the income tax e-filing website and clicking on the Refund/Demand Status under the 'My Account' tab.