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What is Eligibility Conditions of Income Tax Refund
The Income Tax taxpayer’s applying for the income tax refund required to make sure that Dept have updated at tax return & validated their bank accounts with the Tax Dept where they would like to obtain their tax refund after ITR filing.
income tax dept has made it compulsory for the taxpayer to link taxpayer permanent account number with the specific bank account where taxpayer will receive the applicable income tax refund due. Such income tax refunds shall be started only with the completing of the above said requirement to such validated Bank accounts.
When taxpayer is eligible for a income tax refund are following circumstances:
- In case of Double-Taxation in two country – One income has been double taxed in a India as well as foreign country. Govt of India has an made double-taxation avoid agreement so the income should not be double tax and So Tax refund shall be processed.
- In case taxpayer has already paid self-assessment basis advance tax which is excess than income tax on the normal to be applicable on basis of assessment.
- When taxes already paid by the taxpayer after taking into consideration and deductions applicated are allowed that realised total applicable tax paid is in negative value arrived and so tax refunds will be arise.
- In case Income tax gets reduced on the basis of normal income tax assessment reason of an error in earlier assessment process was arrived.
- In case Tax Deduction at Source from income from salary, interest on securities or debentures & the income e from dividends is excess than the amount of Income tax payable on the regular assessment basis.
- If taxpayer has made investment which eligible for tax deductions & benefits to the taxpayer, But while filling it has forgot to shows in the ITR.
What are the Quick Steps to ensure processing of Refund
We should keep in in mind following quick step to make ensure that our income tax refunds are processed easily:
- We should Carefully proper check our ITR filling
- One Bank Account should be selected & active and entered in the income tax refund
- Bank Account must be Pre-validated bank account is necessary for getting bank refund.
Declaring investment on Form 16 is the simplest & quickest approach to file an income tax return. As a result, where a direct deposit is made into the registered bank account, the Income tax refund is processed within 2 to 6 months from the date of completing the income tax return online.
The authorities in charge of processing the tax refund are the IT authorities at the Centralised Processing Centre (CPC) in Bangalore. As a result, the taxpayer has the opportunity to claim any overpayment as an income tax refund.
Income tax refunded Amount is transferred into the Taxpayer's validated Bank Account.
This is the straightforward approach for transferring the Income tax refund due to the taxpayer's bank account. there is two methods are explained below:
- Via Online Transfer to validated Bank account
- Payment recived via Chq deposit account
Keep an eye on the status of your income Tax refund request.
Following methods can be used to verify the progress of your inconme tax refund request:
- You will be taken to a screen that states, "Your request for pre-validating bank account has been submitted." after pressing the 'Pre-validate' button. The validation procedure is now underway, and the status will be updated as soon as possible."
- Log in to the income tax e-filing website. Under the 'Profile Settings' tab, select 'My Bank Account.' Your request's status will be displayed.
- The details on the bank account will be presented if the validation failed. After 24 hours, you can add or remove bank accounts.
- You should also be aware that you cannot alter your cellphone number or email address without revalidating your account with the bank.
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