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TDS Returns Original price was: 2,499.00 ₹.Current price is: 1,499.00 ₹.

Income Tax Refund

Income Tax Refund is the amount returned to taxpayers by the Income Tax Department after filing their income tax return, typically arising when the tax paid exceeds the actual tax liability. Taxpayers may receive a refund due to excess advance tax payments, TDS deductions, or unclaimed deductions. Timely filing of the Income Tax Return is crucial to claim the refund, and the process involves submitting required documents, selecting a service package, and having a dedicated professional manage the filing and follow-ups. Refunds are credited to the taxpayer’s bank account within 30 days of processing.

Required Documents
  1. PAN Card: A valid Permanent Account Number (PAN) card is essential for identification and tax purposes.
  2. Bank Statement: Recent bank statements are required to verify transactions and confirm the refund deposit.
  3. Form 16 and 16A: These forms provide details of the salary earned and tax deducted at source (TDS) during the financial year.
  4. Proof of Investment: Documentation of investments eligible for deductions under sections like 80C, 80D, etc., to claim tax benefits.
  5. Income Details: Comprehensive details of all income sources, including salary, rental income, capital gains, etc.
  6. Tax Payment Receipts: Receipts of any advance tax payments made or TDS deducted, necessary for reconciling the tax liability.
  7. Digital Signature Certificate: Required for e-filing the Income Tax Return, especially for companies and large taxpayers.
Services

1. Consultation

Provide Expert Advice on How to Claim an Income Tax Refund

  • Eligibility: Ensure you’ve paid excess tax either through TDS (Tax Deducted at Source), advance tax, or self-assessment tax.
  • Filing an ITR: If your ITR shows a refund due, make sure it’s filed correctly and on time.
  • Form 26AS: Verify your Form 26AS to ensure the tax deductions or payments are correctly reflected.
  • Bank Details: Double-check that your bank account details (for refund credit) are accurate in the return.
  • Refund Status: After filing, you can track the status of your refund on the income tax portal.

2. Expert Assistance

Help in Processing the Income Tax Return or File Rectification Application Under Section 154 of the Income Tax Act, 1961

  • Processing Refund: Assist in following up on the return filed, especially if there is a delay or issue.
  • Filing Rectification (u/s 154): If the refund amount was incorrect or there’s an error in your return, file a rectification request to correct any mistakes.
  • Submission of Documents: Ensure all supporting documents (e.g., Form 16, TDS certificates, etc.) are submitted accurately.

3. Representation

Liaison with Income Tax Authority Until Refund is Credited to the Taxpayer’s Bank Account

  • Coordination with Tax Authorities: Follow up with tax authorities in case of delays or discrepancies in refund processing.
  • Documentation: Ensure all required documentation and forms are submitted to the tax authority for refund processing.
  • Monitoring Status: Keep track of the refund status regularly and address any issues that might arise.
  • Final Refund Credit: Ensure that the refund is properly credited to the taxpayer’s registered bank account.

Description

An Income Tax Refund is issued by the Income Tax Department after a taxpayer files their income tax return, either physically or online. This refund represents the difference between the tax levied and the amount paid by the taxpayer. According to Sections 237 to 245 of the Income Tax Act, 1961, a refund is allotted when a taxpayer has paid more tax than their actual liability.

Who Can Get an Income Tax Refund?

Individuals or business entities can acquire a tax refund in the following scenarios:

  1. Excess Advance Tax Paid: If advance taxes were paid based on self-assessment and the amount exceeds the actual tax liability.
  2. Excess TDS Deduction: When excess TDS has been deducted from salary, bank deposits, or interest from securities.
  3. Regular Assessment Errors: If a decrease in regular tax liability occurs due to errors during the assessment process.
  4. Foreign Tax Payment: If taxes were paid abroad for income that is also taxed in India, a refund can be claimed as per DTAA rules.
  5. Unclaimed Tax Benefits: When taxpayers fail to claim tax benefits or deductions against tax-saving investments.
  6. Negative Tax Paid: If the total tax paid is negative even after considering deductions.

Importance of Filing Income Tax Return

Filing your Income Tax Return is crucial for the following reasons:

  1. Timely Filing for Refund: Filing on time is essential for claiming a tax refund, ensuring accurate income and tax payment details.
  2. Online Filing Benefits: Filing returns online is preferable as it speeds up processing and minimizes bureaucratic delays.
  3. Check Refund Status: Regularly checking the Income Tax Return status and the ITR-V acknowledgment is necessary to confirm the refund.
  4. TDS Refund Claim: By filing your Income Tax Return, you can claim a refund for excess TDS deducted.

Conditions for Income Tax Refund Online

The Income Tax authorities can issue refunds under various conditions, which include:

  1. Unidentified ITR Refund: Instances where the refund cannot be determined.
  2. Refund Already Paid: Cases where the refund has already been issued via cheque.
  3. Incorrect Bank Details: Refunds failing due to incorrect bank account details provided.
  4. Expired Refund: Refunds that have expired due to delays.
  5. Returned Refunds: Refunds that were returned to the department.
  6. Adjusted Refunds: Cases where refunds are adjusted against outstanding demands from previous years.

Income Tax Refund Process

To facilitate the income tax refund, follow these steps:

  1. Provide Required Information: Submit your income details and necessary documents through our web portal.
  2. Choose a Package: Select a suitable package and make the payment online using available modes.
  3. Order Assignment: Upon order placement, your application will be assigned to a dedicated professional.
  4. Document Examination: The professional will thoroughly examine the correctness of the documents and file the ITR form.
  5. Regular Follow-Ups: Our team will make regular follow-ups with the government department for online ITR processing.
  6. Refund Crediting: Upon successful processing, the income tax refund will be credited to your bank account within 30 days.