Income Tax: Are you eligible for tax refund? Heres how you can check after filing ITR
Sometimes, while filing the return, you may end-up paying more tax to the government than your actual tax liability. In such cases, you are eligible for a tax refund.
The deadline to file Income Tax Return is hardly three weeks away. By this time you must have started filing the return.
If you are consulting experts to file ITR, then you might heard them saying, "file your return early". The reason being that early filing means early refund process. Also, you will not miss out on the interest on the refund amount.
Sometimes, while filing the return, you may end-up paying more tax to the government than your actual tax liability. In such cases, you are eligible for a tax refund.
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The government allows you to claim income tax refund while filing income tax return and the last date is July 31, 2017. Chetan Chandak, Head of Tax research, H&R Block India, explains the whole process in simple steps.
1. Once you are done with your refund claim, you can see it in the Income Tax Return filed by you.
2. After filling up the relevant ITR form, click on the calculate tax button.
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3. The system will automatically calculate the refund due to you or taxes payable by you on the basis of the data provided by you.
4. If you are eligible for a refund, your refund amount will reflect in the ‘Refund’ row. In the next step, you have to e-file your tax return and verify it.
5. After you are done with filing and verification of your ITR, the IT department will process the return and verify your claims.
6. An intimation under Section 143(1) will be sent to you basis the outcome of the processing.
For online returns, the intimation is sent through email. Also, an SMS is sent on the registered mobile number of the assessee stating that his/her ITR has been processed.
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How to track refund amount?
1. You can track your refund status by logging to the income tax e-filing website and clicking on the Refund/Demand Status under the 'My Account' tab.
2. Also, you can visit the website https://tin.tin.nsdl.com. Then, once you enter your PAN and relevant Assessment Year, you can see your refund status. The tax refund will be paid either through direct credit to your bank account or by cheque.
So, do not wait for the last day and file your ITR right away to get refund amount early.
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