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Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
If you have paid an additional tax due to miscalculation or because of the excess tax deducted at source, you have a right to claim a refund for the same. Every year individuals file income tax return and many do not know if they are eligible for the same. Many are also not aware of the process to claim a refund.
Below mentioned is the eligibility for a tax refund. You are eligible if:
To claim for a refund, you need to calculate the refund amount. This will be the difference amount between the tax you paid and the tax liability. Now check the online refund status before you make a claim. The processing period will range from two to six months. After the claim has been approved, you will receive the amount in your bank account.
To check the income tax refund status, you need to log on to the website of NSDL-TIN using the assessment year and PAN number. After you log in if you find a message that reads, TDS refund status ‘expired’, you need to take additional steps. If you have done an offline application, you can contact the assessing officer for the refund. In case of an online refund application, you can log in to the tax portal and opt for the ‘Refund Re-Issue’ option under the ‘My Account’ section by providing the Refund Sequence Number and Central Pay Commission Communication number.
If you find a message that reads ‘refund returned’, you need to make a re-application either online or in person. If the message reads processed through credit mode but not successful, you need to contact the officer by providing the details of your bank account number for a reissue. If you see a message, which reads paid, but you have not received it, you need to contact the bank to know more about the status of the transfer. If you read a message that says that the amount is processed through National Electronic Funds Transfer (NEFT) but the transaction has failed, you need to get in touch with the assessing officer to verify your account details and get the refund re-issued. Alternatively, you can log in to the electronic filing system, verify your details, and re-issue a request for refund.
When you file taxes, you need to be aware of an income tax refund. Many times, there is a lack of clarity about the right ITR form and this leads to excess tax
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Ref. No. KLI/22-23/E-BB/490
