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Income Tax Refunds

A tax refund or tax rebate is a refund furnished to the taxpayer when the tax liability is less than the taxes paid. Taxpayers can avail a tax refund on their income tax if the tax they owe is less than the sum of the total amount of the withholding taxes and estimated taxes that they paid, plus the refundable tax credits that they claim. Tax refunds are usually paid after the end of the tax year.

Refunds arise in those cases where the amount of tax paid by a person is greater than the amount which he/she is properly chargeable, as per the Income Tax and other Direct Tax laws. The same is noted under Sections 237 to 245 of the Income Tax Act, 1961

Following cases make you eligible for an income tax refund in India-

  • If the tax that you have paid in advance, on the basis of self-assessment, is greater than the tax that you are liable to pay as per the regular assessment

  • If your tax deducted at source (TDS) from interest on securities or debentures, dividends, salary etc. is more than the tax payable based on regular assessment.

  • In case the same income is taxed in a foreign country (with which the government of India has an agreement to avoid double-taxation) and in India as well.

  • If the tax charged on the basis of regular assessments is reduced due to an error in the assessment process which was resolved.

  • If you find that that the tax payable is in the negative, after considering the taxes you’ve paid and the deductions you are allowed.

  • In case you have investments that offer tax benefits and deductions, which you are yet to declare

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