The amount receivable by the taxpayer when he/she paid more taxes than the actual payable amount. One should calculate tax after considering all the deductions, exemptions, and refunds before filing the income tax return
To claim the income tax refund, you have to give the written proof of the income and deduction details to the Income Tax Department by filling a form. Make sure you provide all the details of your income/tax deducted/tax calculated of the relevant year to ensure that refund is reflected in your income tax return. Remember to claim a refund while filing an income tax return online.
Oh no! Don’t worry, if you have missed the deadline. You can file an income tax return refund/loss under Section 139(4) by filling the Belated/Late Return. But, try to avoid missing the ITR file deadlines. The Income Tax Department charges a penalty fee for the late taxpayers.
First, make sure that you have received the message of verification of your Income Tax return within the 120 days of filing ITR. After the verification only, the refund process will start. You can check your mail id or the online application portal to know the status.
According to the procedure, the Income Tax Department processes your refund only after verifying your income tax return successfully. Generally, the time taken is 35-40 days for the refund from the day e-verification is done. When you file the income tax return online by sending the documents to the CPC Bangalore, it takes more time to claim a refund.
To get a refund, the taxpayer has to successfully file the income tax return. In previous years the Income Tax Department used to give freedom of filing previous 2 years to claim the refund. But now from FY 2017-18, you can claim the tax refund till the end of the relevant assessment year. Hence, from 2018, now the tax refund can be filed within one year only.
|Amount of claim (refund / loss) for any one assessment year||Application To:|
|10 Lakhs or less||Principal Commissioner of Income-tax/ Commissioner of Income-Tax|
|More than Rs.10 Lakhs but less than Rs. 50 Lakhs||Principal Chief Commissioners of Income-tax/Chief Commissioners of Income-tax|
|More than 50 Lakhs||Central Board of Direct Taxes (CBDT)|
However, in such cases, the Income Tax Department doesn’t pay any interest.
The income tax return is the tax on your income every financial year. Whereas, an income tax refund is the amount received by taxpayers when the paid taxes are greater than taxes payable. One can claim the returns after successfully filling the income tax return.
Yes, in the big picture both the TDS refunds and income tax refunds are the same. The excess TDS deducted over the actual payable amount is called an income tax refund.
Once the Income-tax return submission is done successfully, after the verification of the return process by the Income Tax Department. However, you might receive a refund in 35-40 days, if you have claimed the refund online.
No, the income tax refund by the Income Tax Department is not taxable. You might have to pay the tax on the interest received by showing it as “other sources”.