One can claim his/her income tax refund while filing his/her ITR for that appropriate financial year. Usually, the deadline for filing the Income Tax Returns is July 31st of every financial year. One should try to avoid the last-minute rush and file her/his ITR well before the assigned deadline. It is best to prevent any nuisances when the deadline period is close.
Keep all the necessary documents handy
It is always suggested to keep all the needed documents handy before you start the process of your ITR filing. This list of related papers includes bank statements, salary statements, business income statements (for businesspeople), Form 16 (either from your bank/employer) to support your investment, other investment proofs and supporting documents; interest paid certificates, 26AS tax credit extract, etc.
File your Income Tax Returns (ITR)
The next stage is to, finally, file the ITR. To file your Income Tax Returns, you must start by filling up a form where you are asked to fill in details such as your name, address, your gross wages, your taxable income, TDS (if applicable), refund due, total due, etc.
This form will record all your financial information for that particular financial year. You can always ask help from a Chartered Accountant / financial advisor/to file the ITR on your behalf. Moreover, you can do it by yourself because the form is self-explanatory.
Know your income tax refund amount
After the submission of the form, you can find out how much refund you are entitled to in the refund column. Hence, first, you need to click on the ‘Validate’ option, which is available on the ‘Taxes Paid and Verification’ page. Write down your income tax refund amount and also save a copy of the ITR-Verification receipt generated.
Check status: https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
Send the ITR-V receipt to the Income Tax Department
The amount presented in the refund column is what you need are entitled to. To get the refund of this amount, you require to sign the ITR-V receipt and post it to the Income Tax office. The address of the ITR is already mentioned on the form.
Getting your income tax refund
Once your ITR-V form reaches the income tax office, you will get a text message notification from them. Nonetheless, please be careful and accurate, as the IT department will cross-check the amount sent by you.
Once IT department has verified the amount, they will process your application, and the amount will be credited to your given bank account. In a circumstance, if they find a discrepancy between the figure shared by you and the amount calculated by them, your application will be refused.
You will be informed in both the cases. All the proceedings will be notified to you either by text message on your registered phone number or email to your email address. The refund can take from approximately 1 month to 4 months to get credited to your bank account.