Income tax is a tax imposed by the government on the income generated by a business and individuals within their authority. According to law, taxpayers need to file an income tax year to determine their tax requirements.
Income tax is generally a source of income for governments. The government uses these services to fund public services, pay government duties, and provide goods for citizens. Personal income tax is a type of tax that depends on an individual’s income, wages, and other types of income. Business income taxes generally apply to corporations, partnerships, small businesses, and self-employed people.
Every year people file Income Tax Return (ITR). But sometimes, we pay more tax to the government more than we always pay. You can get an income tax refund at that time, but many people don’t know how to claim a refund. This generally happens when TDS deducted from the taxpayer is higher than the total tax charge of a taxpayer.
According to the Income Tax Act, a person must file a return-related valuation year by July 31 to get a refund. One can file the return by filling excel/ java utility form by adding the required data needed in the online form. This is only for those who are eligible to fill the ITR1 or ITR4 form.
Steps to get Income Tax Refund
If you want a refund of your tax, then you can go through the following steps:
Step 1- Visit the website https://www.incometax.gov.in/iec/foportal to go to the relevant webpage.
Step 2- Here, log in to the e-filling website with your User ID, Password, and Date of Birth.
Step 3- Click on my account and then click on “Refund/ Demand Status.”
Step 4- There, you will be displayed with several details such as Assessment Year, Status, Reason for refund or failure, if any, Mode of Payment. You need to fill these entries to get your refund to be processed.
How to check refund claimed by you
Once you have applied for a refund and filled the ITR form, then you can click on the “Taxes paid and Verification” button on the website. A system will auto-calculate your refund that is due as per the data you have entered. And the refund amount will be shown in the refund section you can easily check it.
While filing for a refund, make sure that the bank account you desire to receive a refund should be previously validated. The department has said first that they will only refund to the bank account linked to the person’s PAN card, and also, it should be previously validated on the e-filing website.
The Final Verdict
Everyone needs to pay Income Tax who has a good earning. But sometimes this happens to a person that they pay more than their actual tax amount and want it back if you are having the same problem then you can just follow the above simple steps to get refund easily by visiting the official website of the income tax department, i.e., mentioned above.