{"id":26763,"date":"2024-06-02T01:57:25","date_gmt":"2024-06-01T20:27:25","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=26763"},"modified":"2024-06-28T00:01:56","modified_gmt":"2024-06-27T18:31:56","slug":"how-to-claim-a-full-income-tax-refund","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/how-to-claim-a-full-income-tax-refund\/","title":{"rendered":"How to Claim a Full Income Tax Refund"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a05c91fb9899\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a05c91fb9899\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/how-to-claim-a-full-income-tax-refund\/#How_to_Claim_a_Full_Income_Tax_Refund\" title=\"How to Claim a Full Income Tax Refund\">How to Claim a Full Income Tax Refund<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/how-to-claim-a-full-income-tax-refund\/#Due_Date_to_Claim_Income_Tax_Refund\" title=\"Due Date to Claim Income Tax Refund\">Due Date to Claim Income Tax Refund<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/how-to-claim-a-full-income-tax-refund\/#IMPORTANT_REMINDER_FOR_ITRS_FOR_FY_2023-2024\" title=\"IMPORTANT REMINDER FOR ITRS FOR FY 2023-2024:\">IMPORTANT REMINDER FOR ITRS FOR FY 2023-2024:<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/how-to-claim-a-full-income-tax-refund\/#Action_Items_or_point_to_be_taken_care_for_Taxpayers_in_relation_to_income_tax_refund\" title=\"Action Items or point to be taken care for Taxpayers in relation to income tax refund:\">Action Items or point to be taken care for Taxpayers in relation to income tax refund:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/how-to-claim-a-full-income-tax-refund\/#How_to_Check_Income_Tax_Refund_Status\" title=\"How to Check Income Tax Refund Status?\">How to Check Income Tax Refund Status?<\/a><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25122\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Tax-refund-and-AI-.jpg\" alt=\"Income Tax refund and AI\" width=\"1067\" height=\"815\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Tax-refund-and-AI-.jpg 1067w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Tax-refund-and-AI--300x229.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Tax-refund-and-AI--1024x782.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Tax-refund-and-AI--768x587.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Tax-refund-and-AI--800x611.jpg 800w\" sizes=\"(max-width: 1067px) 100vw, 1067px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Claim_a_Full_Income_Tax_Refund\"><\/span><span style=\"color: #000080;\"><strong>How to Claim a Full Income Tax Refund<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>An income tax refund occurs when the tax paid by a taxpayer exceeds their actual tax liability for a financial year. This typically happens due to advance tax payments or Tax Deducted at Source (TDS) deductions that exceed the final assessed tax liability. Following are the Eligibility Criteria for Income Tax Refund. To be eligible for a refund, taxpayers must file their returns by July 31st of the assessment year. Filling out the income tax refund form and sending in the required paperwork, such as utility papers and pre-filled ITR, are prerequisites for applying for an IT refund.\u00a0Taxpayers are eligible for an income tax refund if:<\/p>\n<ul>\n<li>Your total advance tax payments exceed 100% of your actual tax liabilities.<\/li>\n<li>Taxpayer TDS payments exceed your final tax liability after regular assessment.<\/li>\n<li>You have made last-moment tax-saving investments that reduce your taxable income.<\/li>\n<li>Taxpayer have paid tax on income in a foreign country that has a Double Taxation Avoidance Agreement (DTAA) with India.<\/li>\n<li>You have paid excess tax due to errors in regular assessment.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Due_Date_to_Claim_Income_Tax_Refund\"><\/span><a href=\"http:\/\/Income tax Return (ITR) filing for FY2023-24\"><span style=\"color: #000080;\"><strong>Due Date to Claim Income Tax Refund<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Claim your refund within 12 months after the end of the relevant assessment year.<\/li>\n<li>You can claim a refund for up to six successive assessment years. Claims older than this period are not accepted.<\/li>\n<li>Delayed claims may be accepted if verification is required.<\/li>\n<li>The total claim amount for one assessment year should not exceed Rs 50 lakh.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"IMPORTANT_REMINDER_FOR_ITRS_FOR_FY_2023-2024\"><\/span><span style=\"color: #000080;\"><strong>IMPORTANT REMINDER FOR <a href=\"https:\/\/www.caindelhiindia.com\/blog\/category\/direct-tax\/itr\/\">ITRS FOR FY 2023-2024<\/a>:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Key Changes and Requirements for Tax Refunds: By following these steps, you can minimize the chances of refund failures and ensure a smooth refund process.<\/p>\n<ol>\n<li><span style=\"color: #000080;\"><strong>Previous Requirements (Up to AY 2023-2024):<\/strong><\/span><\/li>\n<\/ol>\n<ul>\n<li>Taxpayers needed to select a specific bank account in their <a href=\"https:\/\/www.caindelhiindia.com\/blog\/category\/direct-tax\/itr\/\">Income Tax Return (ITR)<\/a> for receiving tax refunds.<\/li>\n<li>The selected bank account had to be pre-validated on the Income Tax Portal to receive the refund.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li><span style=\"color: #000080;\"><strong>New Requirements (From AY 2024-25):<\/strong><\/span>\n<ul>\n<li>Taxpayers can no longer select a specific bank account for the credit of their refund in the<a href=\"https:\/\/www.caindelhiindia.com\/blog\/latest-income-tax-return-itr-forms-update-for-fy-2023-24\/\"> ITR<\/a>.<\/li>\n<li>Refunds will be credited automatically to one of the taxpayer&#8217;s pre-validated bank accounts.<\/li>\n<li>Only pre-validated bank accounts will be eligible to receive tax refunds.<\/li>\n<li>The bank account number must be linked with the taxpayer&#8217;s Permanent Account Number (PAN).<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<ol start=\"3\">\n<li><strong><span style=\"color: #000080;\">Eligible Account Types for Refund Credit:<\/span> <\/strong>Only following account are eligible accounts for income tax refund credit i.e Savings Accounts, Current Accounts, Cash Credit Accounts, Overdraft Accounts, Non-Resident Ordinary (NRO) Accounts<\/li>\n<li><span style=\"color: #000080;\"><strong>Ineligible Accounts: <\/strong><\/span>If the bank account mentioned in the ITR has been closed, the refund cannot be processed to that account. Only following account are eligible accounts for income tax refund credit i.e Closed bank accounts, Invalid accounts, Accounts under litigation, Blocked status accounts.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Action_Items_or_point_to_be_taken_care_for_Taxpayers_in_relation_to_income_tax_refund\"><\/span><span style=\"color: #000080;\"><strong>Action Items or point to be taken care for Taxpayers in relation to income tax refund:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Apart from the general criteria for refund eligibility and the necessary procedures, a refund from the Income Tax Department may fail to get credited to your bank account due to the following reasons:<\/p>\n<ul>\n<li>Taxpayers Ensure that the bank accounts in which you wish to receive your tax refunds are pre-validated &amp; Confirm that your bank account is linked with your PAN and The name in the bank account must match the name on your PAN card. Any discrepancies can cause the refund to fail.<\/li>\n<li>Moreover that Taxpayers Ensure that the accounts are not closed, invalid, under litigation, or blocked to prevent any issues in receiving refunds.<\/li>\n<li>Ensure that the IFSC code provided is correct. An invalid or incorrect IFSC code will prevent the transfer of the refund amount.<\/li>\n<li>It is compulsory to pre-validate your bank account on the Income Tax e-filing portal. Failure to do so will prevent the refund from being credited.<\/li>\n<li>Make sure to complete these checks before uploading any <a href=\"https:\/\/www.caindelhiindia.com\/blog\/latest-income-tax-return-itr-forms-update-for-fy-2023-24\/\">ITR forms<\/a> to ensure a smooth refund process.<\/li>\n<li><strong><span style=\"color: #000080;\">Special Cases of income tax Refund:<\/span> <\/strong>In cases of insolvency, death, liquidation, incapacity, or other causes, a legal representative, guardian, receiver, or trustee can file for an income tax refund on behalf of the taxpayer under Section 238 of the Income Tax Act, 1961.<\/li>\n<li><span style=\"color: #000080;\"><strong>Interest on Income Tax Refund: <\/strong><\/span>If the refund amount is equal to or more than 10% of the total tax paid, the Income Tax Department pays interest under Section 244A of the Income Tax Act. The interest rate is 0.5% per month on the refund amount.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Check_Income_Tax_Refund_Status\"><\/span><span style=\"color: #000080;\"><strong>How to Check Income Tax Refund Status?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-18184\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2019\/03\/Step-by-step-Guide-to-Check-income-Tax-Refund-Status...jpg\" alt=\"Step-by-step Guide to Check income Tax Refund Status\" width=\"1200\" height=\"810\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2019\/03\/Step-by-step-Guide-to-Check-income-Tax-Refund-Status...jpg 1200w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2019\/03\/Step-by-step-Guide-to-Check-income-Tax-Refund-Status..-300x203.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2019\/03\/Step-by-step-Guide-to-Check-income-Tax-Refund-Status..-1024x691.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2019\/03\/Step-by-step-Guide-to-Check-income-Tax-Refund-Status..-768x518.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2019\/03\/Step-by-step-Guide-to-Check-income-Tax-Refund-Status..-800x540.jpg 800w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"color: #000080;\"><strong>Following two way to <a href=\"https:\/\/carajput.com\/learn\/quick-steps-to-ensure-processing-time-income-tax-refund.html\">check the Income Tax Refund Status<\/a><\/strong><\/span><\/p>\n<ul>\n<li><span style=\"color: #000080;\"><strong>Through E-Filing Website:<\/strong><\/span>\n<ol>\n<li>Visit <a href=\"https:\/\/eportal.incometax.gov.in\/\">incometax.gov.in<\/a><\/li>\n<li>Log in using your PAN and Aadhaar numbers.<\/li>\n<li>Navigate to e-File &gt; Income Tax Returns &gt; View Filed Returns to check the status of your ITR and refund.<\/li>\n<\/ol>\n<\/li>\n<li><span style=\"color: #000080;\"><strong>Through TIN NSDL Website:<\/strong><\/span>\n<ol>\n<li>Visit <a href=\"https:\/\/tin.tin.nsdl.com\/oltas\/refund-status-pan\">TIN NSDL refund status page<\/a>.<\/li>\n<li>Enter your PAN and select the assessment year.<\/li>\n<li>The portal will display one of the following statuses:\n<ul>\n<li><span style=\"color: #000080;\"><strong>Not Determined<\/strong>:<\/span> The refund is yet to be accepted by the assessing officer.<\/li>\n<li><span style=\"color: #000080;\"><strong>Refund Paid or Credited to Bank<\/strong>:<\/span> The refund has been processed and paid.<\/li>\n<li><span style=\"color: #000080;\"><strong>ITR Proceeds Determined and Sent to Refund Banker<\/strong>:<\/span> The refund amount is yet to be transferred (cheque drawn)<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<p><strong>Popular Article :\u00a0<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/how-to-file-tds-return-online\/\">How to file a return of TDS online<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/new-revise-tds-tcs-return-filing-due-date-payment-due-date-for-2020\/\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/learn\/key-features-of-tcs-on-goods-sale-section-206c-1h-applicable-from-1-october-2020.html\">key features of TCS on goods sale section-206c<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/publications\/which-is-better-old-vs-new-tax-regime-comparison-2024.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/which-is-better-old-vs-new-tax-regime-comparison-2024.pdf\">Which is Better- Old vs New Tax Regime Comparison 2024 ?<\/a><\/li>\n<\/ul>\n<p><strong>Our Services:<\/strong><\/p>\n<ul>\n<li><strong>Tax Returns: <\/strong>Individual Tax Returns,\u00a0Company Tax Returns<\/li>\n<li><strong>Consultancy: <\/strong>Comprehensive Compliance Consultancy<\/li>\n<\/ul>\n<p><strong>Contact Us:<\/strong><\/p>\n<ul>\n<li>Email: <a rel=\"noreferrer\">Singh@carajput.com<\/a><\/li>\n<li>Phone: 9555 555 480<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>How to Claim a Full Income Tax Refund An income tax refund occurs when the tax paid by a taxpayer exceeds their actual tax liability for a financial year. This typically happens due to advance tax payments or Tax Deducted at Source (TDS) deductions that exceed the final assessed tax liability. Following are the Eligibility &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10055],"tags":[7187,7177],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26763"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=26763"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26763\/revisions"}],"predecessor-version":[{"id":26887,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26763\/revisions\/26887"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=26763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=26763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=26763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}