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File the Income Tax Refund with the Help of Experts

Narendra Kumar

| Updated: Sep 18, 2018 | Category: Income Tax, Taxation

file the Income Tax Refund

One must file the Income Tax Refund, as many of us are ignorant about their income tax refund. In case you don’t claim your ITR return, it’s a loss to you. The refund is directly credited into your account provided that the correct account details have been provided along with the correct IFSC code.

ITR: Income Tax Refund

The salary you get in hand reaches you after a certain deduction and the popular one is TDS deduction. TDS is deducted from salary income, business income, capital gains, etc. Basically, under the rule of law, you are required to pay the tax only on the Taxable income i.e. the amount you are liable to pay in the form of tax to the government. The TDS deducted from the salary or other income or business income or under the capital gain or such other form deducted by the government or such competent authority is deducted at the instance it income in whatsoever form reaches to you. However, you can claim for the amount which has been deducted but you were not liable to pay in the form of TDS. Now the question arises how can one claim it? File ITR and get your refund. The refund shall be refunded by the government to the extent allowed by way of filing an Income Tax refund, popularly known as ITR filing.

The Process to file the ITR and Claim the Income Tax Refund

In order to claim the Income-tax refund, one needs to file ITR with the Income-tax department. The site for ITR is www.efiling.incometax. The ITR is required to be filled for a particular financial year in the assessment year. To file the ITR the details of all your income and tax deducted during the relevant year are required to be filled; this is done under the self-assessment process. Basis the details put in, it calculates the refund and after scrutiny of the income tax return, the refund is credited to you.

Steps followed to file the Income Tax Refund is as follows:

  1. Firstly you are required to open your account with the E-filling portal. Your PAN is to be set as the username and an alphanumeric password is required to be set by you.
  2. Once user ID and password is created, log in.
  3. Then Go to e-file, you can file online or by way of downloading the XML sheet, fill it and upload. In case you wish to file ITR online submit the ITR online.
  4. Select ITR 1/ ITR 4S as the case may be and thereafter select the assessment year.
  5. The requisite ITR form will display on the screen, thereafter fill in the details in the form, say the income from salary, any other income, business income, capital gain if any, also don’t forget to fill in the deductions, exemption, your investments, and any other TDS deducted from your income.
  6. The refund will be auto-populated. It is calculated on the basis of the details put in by you.
  7. Click on the submit button.
  8. E-verify the ITR through Aadhaar OTP, or OTP on the registered mobile number in the bank, or you can e-verify through the online banking.
  9. Otherwise, you also have other option that is after submission, acknowledgment form, ITR Verification (ITR-V) will be generated, save it. Thereafter either you can also send the form by ordinary or speed post to the Income-Tax Department-CPC, Post Bag No. 1, Electronic City Post Office, Bangalore, 560 100,
  10. Remember the acknowledgment should reach the IT department within 120 days of filing returns online, otherwise e-verify it through a bank or Aadhaar card linked mobile number OTP.

Documents Required filing ITR:

The following are the documents and details you should have beforehand for filing the ITR: returns.

  1. PAN card (PAN )
  2. Bank account details for the purpose of getting a refund
  3. Rent receipts to claim HRA
  4. Form 16(Part- A and Part-B) for the salaried person.
  5. Salary slips of the applicant.
  6. In cases wherein, you possess any construction property which was purchased by you, date at which the construction was completed.
  7. Tenant details in the rented property.
  8. If there are capital gains from selling the shares, then the Stock trading statement
  9. Sale price, purchase price, registration details and capital gain details wherein the house or property is sold.
  10. Address of the house property (Owned and rented or as the case may be).
  11. Co-owners details, including their share of the property mentioned in the ITR and PAN details
  12. Home loan interest Certificate
  13. Mutual fund statement, equity funds, debt funds, ELSS and SIPs details.
  14. Interest accumulated in a savings account, bank account statements, tax-saving bonds, and corporate bonds
  15. Income earned from post office deposit must be reported

To know:

  • What is a refund?

In simple words refund is the amount received after deduction of total tax amount payable in a year from the amount of tax paid by the company.

  • What is the amount of tax paid?

It is calculated as the Advance tax paid plus the TDS (Tax deducted at source) plus self-assessment tax.

Post query or reach out to us by clicking here. We have the team of experts, which shall not only file the return but definitely get you the maximum possible refund, for which you are eligible.

Also, Read:All Types of Income Tax Return Filing In India

Narendra Kumar

Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.

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