Income Tax Filing

Why File Income Tax Returns?

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Who Is Eligible for a Refund?

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Who Is Eligible for a Refund?

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How are Refunds Processed?

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Income Tax Filing

Why File Income Tax Returns?

An income tax refund is a term that every one of us should be familiar with. If you have filed your taxes duly in the past, then you would have surely received a tax refund depending upon your financial submissions.

Who Is Eligible for a Refund?

- When an individual’s income is added to the income of another person. - If a taxpayer is not able to claim due to unforeseen circumstances like insolvency, death, etc - If the amount of TDS deducted by the taxpayer’s employer or bank exceeds the taxpayer’s tax burden

Who Is Eligible for a Refund?

- In situations where a taxpayer’s income is taxed both in India and in a foreign country - If the taxpayer has not declared an investment that provided a tax benefit to him

How are Refunds Processed?

Refunds are only made in these two ways to maintain transparency: - RTGS/NEFT: Here the tax department will credit the refund directly to your account. - Cheques: Alternatively, a cheque for the refund account may be sent to the applicant’s home address.

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