How can I claim a refund on any excess tax paid?

Mar 05, 2018 | 9 months ago | Read Time: 2 minutes | By iKnowledge Team

All you need to do is to file the income tax form to get a refund.

You pay your tax returns on time every year. But what if you have to claim a tax refund? This question is especially valid for those whose employers may have deducted taxes even though you invested in tax-saving investments like unit-linked insurance plans (ULIPs).

You can also claim a refund in case you were eligible for a tax break on your investments but hadn’t declared them.

To put it simply, you can claim refunds if you have paid more tax than you are liable to. But is it as easy as filing your tax returns? Read on to find out:

When do you claim the refund?

If your tax return displays the refund amount, you need not apply for it. A cheque with the refund amount will be sent to the address you’ve mentioned in the Income Tax Return (ITR) form. The refund amount can also be deposited into the bank account mentioned in the form.

But do remember that if you want to claim a refund, you must do so by July 31 of the next financial year. Just to make it clear, if you want to apply for a tax refund for financial year 2017-18, you need to submit the form by July 1, 2018.

How to apply for income tax refund?

– The first step is to fill the ITR form online and then click the button on the ‘Taxes paid and verification’ sheet.

– The refund will be calculated by the system and determine the refund amount.                                                                     

There are three ways of knowing your tax refund status:

  • You either get a reference number for refund via mail or on your registered mobile phone.
  • The other way is to track your refund status by logging on to the income tax e-filing website.

What to do if you don’t receive your tax refund?

If you don’t receive your tax refund within a year of filing your tax return, visit the tax department office for a follow-up. You can also write a letter (attached with a copy of the tax return acknowledgment) to the Income Tax assessing officer-in-charge.

In case you still don’t get the refund, you can write a letter to the jurisdictional chief commissioner of Income Tax along with a copy sent to the grievance cell.

It is ideal if you file your taxes early on. This will spare you the hassle of going through the bureaucratic rigmarole of asking for a tax refund. Make sure you check the refund status once you’ve made a claim. Also, keep a track of the refunds you are yet to receive online or at your local tax department office.

Get a detailed explanation on tax sections under 80C, 80CCC & 80CCD here.


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