How to claim a tax refund

How to claim tax refunds

August 05, 2013

It is easiest to claim refund while filing returns. But if you have not done so, use Form 30

A ll of us love getting gifts. If it is a refund from the tax man, then it is all the more welcome. If you have paid more tax than you need to, you must file for claiming the tax refund.

Since filing for tax returns has been made mandatory, you can claim the refund while filing your return itself. That is why you must mention your bank account number and the bank ISC code while filing the return.

“This was the common way to claim refund when filing for returns was not mandatory and you had to follow the assessing officer personally to claim refund,” says Sanjeev Gokhale, a Mumbai-based Chartered Accountant.

Once you file for refund, you are supposed to get the money within four months. The Income-Tax department has been working towards this. But be prepared to wait longer, since it can sometimes take up to a year, Gokhale warns.

Click on NEXT to look at some of the common reasons why you many need to claim refund.

How to claim tax refunds

August 05, 2013

Not submitted proof of tax-saving

investments to employer

A ll salaried employees are expected to submit proof of their tax – saving investments to their employers so that it can be set off against the tax that is deducted.

Most companies ask employees to submit the proof by before March so that they can account for it in the Form 16.

But for some reason if you have done your investments, but not submitted the proof of your investments to your employer, then your tax will be deducted without calculating the deductions allowed. You can claim for refund by submitting proof of the investments while filing the tax return.

If you have made an investment that is eligible for tax-saving, but it has not been considered by employer, or you have made it after the last date set by your employer, then too it will not reflect in your Form 16. In that case too you can claim refund while filing the return.

Click on NEXT for more.

How to claim tax refunds

August 05, 2013

Interest paid on home loan not accounted for

W hile the repayment of principal of home loan is eligible for tax-exemption under the overall limit of Rs 100,000, under Section 80C, the repayment of interest is eligible for tax-exemption under Section 24.

Source: www.rediff.com

Category: Taxes

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