Today, we discuss the return tax and how to apply with precaution or what points we have to know before applying for the return tax.
If you are not sure about your income tax return then you can calculate the tax return estimator online. You can use the tax calculator and find the amount on the behalf of the entered information by you.
Now, we discuss it in brief.
Income Tax Refund
As we all know that income tax return is only provide to us when we apply for it. And we can apply for this only when we paid a higher tax amount than the payable tax amount. It is in any form like TDS, advanced tax or tax deducted at source, self-assessment tax, or foreign tax credit or many other forms. If this happens then you can apply for the income tax return.
Points we have to know about Income tax return
Some points are important for everyone to know about them if in the future they are thinking about applying for the income tax return. These are:
- The process to claim the tax refund
There s only one procedure for applying for the tax refund. And you have to follow the same instructions and rules. But most important that your documents and refund are electronically verified by Aadhar OTP, net-banking or you can do it manually by signed the acknowledgment and checks the process within 120 days.
- The sooner your refund process start the sooner you get a refund amount
It is well known that the taxpayer has to verify the processing details within 120 days, and the earlier the process start refunding your tax by CPC, the sooner you get the refund tax amount in your bank account.
- What to do if a refund is not processed at CPC
Many of the times it seems that the process of refund is not started by CPC, because of many reasons. Like your proper documents are not submitted or other reasons. Then they send it to the jurisdictional officer and you. In this case, you have to sign the acknowledgment for this to the jurisdictional officer and follow up personally at regular intervals.
- Interest on Income tax refund
It might be possible that the amount you apply for is higher because of the interest. If your amount is 10% more than the tax amount then the income tax department applies to interest on it 0.5% monthly base that increases your returntax amount, when the taxpayer pays more tax on the TDS, advance tax, or self-assessment tax.
- How to check refund status
If you want to check the refund status then you can check it online by following the steps:
- Access the online refund page.
- Enter your PAN card number
- Enter the captcha code in the text box correctly and after that click on submit.
- Your refund status will appear on the display screen.
All the above describe points are important to note when you apply for the income tax refund.