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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.
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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.
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.
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.
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
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