Income Tax Refund
A lot of people oversees the fact that they pay heavy taxes on their income. This is because they don’t actually pay it on their own; rather their paymaster deducts the tax before crediting the income to the respective person account. Most of the times people pay more tax then they are liable to and never apply for refunds.
Please note that the income tax deducted from your income is not always equal to your tax liability, in fact, according to the nature of income, the Income Tax act has provided rates in which the deduction has to be made irrespective of the tax liability of the assesse which sometimes results in deduction of tax in excess of their liability.
How to check if you are eligible for a refund?
The only perfect way to assess if you have a refund is by computing your Income Tax and then adjusting the refunds. We would recommend you take help of a professional to assess your exact refund. You can also drop us a mail for any such queries or clarification.
How to claim your refund?
Once assessed you need to file your Income Tax Return to claim your refund, many people especially salaried individuals never file their income tax returns thereby losing their hard earned money. Make sure you provide your correct bank details for receipt of refunds after processing of your return.
How to check my Refund Status?
Once you have filed your return of income, you can check your refund status by going to the NSDL refund status system by clicking here.
Where can I check my TDS deduction status?
You can reconcile your TDS deductions with your Form 16 by checking your Form 26AS by logging in to Income Tax e-Filing portal.
What if my TDS deductions are not on par with Form 26AS ?
Many a time the person responsible for deduction deducts an amount but failed to deposit the same or file TDS returns on time, which in turn doesn’t show up properly in Form 26AS. You can file your returns on the basis of Form 16 issued to you by the detector irrespective of the fact that there is a mismatch in Form 26AS as generated in TRACES (TDS Reconciliation Analysis and Correction Enabling System). CBDT and many High court cases have directed to issue TDS credits on the basis of Form 16 issued even in case of a mismatch. TDS credit cannot be denied on the grounds of mismatch of TDS amount in Form 26AS.