Tax Refunds | Semantic Taxgen Pvt Ltd
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Tax Refunds

Income Tax Refund

Step 1

We will set up a seamless process for data collection.

Step 2

Your return will be prepared as required.

Step 3

Before you know it, your refund will be ready for filing.

About Income Tax Refund In India

Refund arises when taxes paid are higher than your actual tax liability (including interest). It could be in the form of advance tax, self-assessment tax, tax deducted at source, foreign tax credit etc. Given below is an illustration showing when and how a refund arises.

There is no separate procedure as such in order to claim an income tax refund due to you. You can claim tax refund by simply filing the return of income in the usual manner. Ensure your return is electronically verified through aadhar number otp, EVC generated through bank account or physically verified by posting the signed ITR-V (acknowledgement) to Centralised Processing Centre (CPC) within 120 days of filing the return.

 Early processing of return leads to early refund receipt

No doubt, a taxpayer has a time limit of 120 days from the date of return filing to verify his return. The earlier you get the verification done, the earlier CPC will process your return. Once the returns are processed by CPC at primary level for arithmetical errors etc, refund will be issued to the taxpayer. If verification of return itself is delayed, processing of return and issue of refund too will be delayed. Further, e-verification is faster compared to physical verification.

You might have noticed in many cases that the refund amount received by you is slightly higher than the refund amount claimed in your income tax return. This difference represents interest on income tax refund. This is payable by income tax department mandatorily, if the refund is 10% or more of tax paid.

Section 244A deals with interest on income tax refund and provides for interest at the rate of 0.5% per month or part of the month on refund amount. Such interest shall be calculated from April 1st of assessment year till the date of grant of refund if refund is due to excess advance tax paid or TDS. In case of any discrepancy in the interest computation, you may raise an online request for rectification of the same by log in to your account.

You can check your refund status online by using the below procedure:

  • To access the refund pages.
  • Enter PAN, relevant assessment year and captcha image and click on ‘submit’
  • You will see the Refund Status displayed on the next screen
  • You can also access the Refund payment details reflected in Form 26AS in the ‘Tax credit statement’.

If you want to know more, you can go through this detailed article on checking tax refund status online in our article ‘OLTAS payments and refunds’

Department may not pay you all the refunds due to you. If at all you have taxes due for any of the previous years and a refund due to you in another year, the income tax department may adjust the refund accordingly. However, the department cannot do so without giving the taxpayer an opportunity to explain why such an adjustment should not be done. So, the tax department must send you an intimation under Section 245 regarding its intention of adjustment along with instructions on possible ways for you to respond to the notice. Section 245 allows the taxpayer 30 days time limit to respond. In case of no response to the notice within the prescribed time limit, the department can go ahead with the adjustment as per notice.

In case you disagree with the tax demand raised in the notice for any reason such as incorrect computation, the omission of certain deductions or TDS etc, you may respond to it online by following the instructions provided in the notice in 30 days.

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