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Income tax Return is a form through which an
individual informs the Government about his Annual Income earned and applicable
tax paid to the Government by him. The department has notified 7 forms till
ITR should be filed by every taxpayer on or before due dates specified for this. Different forms are filed for different taxable income, i.e. it varies depending upon the source of income, Amount earned as an Income and the category of taxpayers such as it’s an Individual, Company, HUF, etc.
Income Tax Refund occurs when the actual tax liability is less than the amount of tax already paid
Following are the steps for claiming the refund of tax filed in ITR:
we check the status of a Refund?
Refund status can be checked online by accessing
the ‘refund page’. After entering the PAN, Assessment Year, and Captcha, there
will be a page displaying refund status. One can also refer its Form 26AS under
‘Tax Credit Statement’ for checking refund.
there any Interest on Income Tax Refund?
Sometimes refund credited to the account is slightly higher than the one claimed on ITR. The difference is interest on such a refund. This interest is paid mandatorily in case if the refund is 10% or more of the tax paid. For more information, visit Enterslice.
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