2+ Lawyers are online
Procedure and Duration for Claiming a Tax Refund in India
August 17, 2022Taxation laws allow the assessee to claim refunds for excess tax paid to the government during a financial year. A tax refund applicable to employees falls under the following:
What is the procedure to Claim Refund?
-
For any assesse to claim a refund under the IT Act, he/she shall do so by filing form 30.
-
Under the ordinary course, a tax refund may be claimed during/while filing the Income tax returns.
-
There is no tax applicable for refunds as the same is receipt of excess tax paid and not income earned.
-
It takes 4 to 6 months from the date of filing the Income Tax returns to receive the refund.
-
The claim of a refund shall be made within one year from the last date of the assessment year.
-
In case of any delay due to any reason, an application for condonation shall be filed before the tax authorities provided the same is extended beyond six years.
-
Eligibility for Interest on the refund is calculated at the rate of 0.5% per month and 6% per annum from the first day of the assessment year until the date when the refund is paid to the assessee.
-
A rejection on a tax refund may happen in the event of an incorrect calculation of tax payable by the assesse.
What is the procedure for claiming a TDS refund?
There are no specific forms to be filled for claiming tax deduction as the same can be done while filing the income tax returns.
Greater
Kailash - 1, Delhi
5
years
These guides
are not legal advice, nor a
substitute for a lawyer
These articles are provided freely
as general guides. While we do our
best
to make sure these guides are
helpful, we do not give any
guarantee that
they are accurate or appropriate to
your situation, or take any
responsibility for any loss their
use might cause you. Do not rely on
information provided here without
seeking experienced legal advice
first. If
in doubt, please always consult a
lawyer.
Comments by Users
No Comments! Be the first one to comment.
Popular Tax Lawyers
User Reviews
4.6 -
19 reviews
great legal advice
The writer has explained the law perfectly.
nicely explained. Thanks fro the information
great advice. Thanks
good article. Please provide more info
thanks for the legal advice
thanks for the advice
I have a case. Who can I contact?
thanks for the info. How can we contact a lawyer?
Very nice article. English is very simple. Thank you for the information.
solved my queries.
needed legal help…whom shall I contact?
very well written
needed legal advice…who to call
Helped a lot in understanding the law.
thanks for the information
who can I contact for my legal case?
whom to contact for any legal query?
Written in a very simple language.
VIEW ALL
