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Tax refund

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(Kunjan N.Shah & Co)
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What is a Tax refund?

  • When the tax liability or the amount of tax to be paid is less than the amount of taxes paid by the individual.
  • For salaried individuals, it is possible  that the company deducted excess tax because you did not declare any of your investments to the company. In such a case, a tax refund may be helpful.
For Income tax refund

How do I get the tax refund?

  1. Check your Income Tax Return, if it will show tax Refund (if any).
  2. If yes then you don’t need to apply for it.
  3. The income tax department will send it you by post to the address which you have mention on Income Tax Return.
  4. Tax refund can also be debited directly to your bank account which needs to be mentioned on the tax return. (It is mandatory to mention Bank Account No., Micr Code of Bank,) other wise you will not get your refund.
In a situation where you think that you forgot (to mention bank account no., micrcode of bank) or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted.

When can I claim for a tax refund?

Tax refund needs to be claimed with one year of the last day of assessment year.

What to do if I do not receive the tax refund?

If you do not receive your tax refund within a reasonable time (may vary from case to case) which normally is within a maximum of one year from the date of filing the tax return,

  1. Check your Income Tax Refund Online.
  2. You can either visit the tax department’s office for the follow up of the refund.
  3. You can write a letter (along with the copy of acknowledgement of the tax return) to the concerned Income Tax Assessing Officer.
  4. If it is still having problem you may write a letter to the jurisdictional Chief Commissioner of the Income Tax with a copy to the Grievance Cell and the concerned Income Tax Officer. This letter may be accompanied by the copies of previous letter/s written to the Income Tax Assessing Officer and a copy of the tax return filed.

For vat refund
Steps coming up shortly, under construction page.

M-vat refund application of form no. 501 is now compulsory to file through              E-form 51. but form is not available on M-vat site.

Rule 5. Refund of CENVAT credit.-

Where any inputs are used in the final products which are cleared for export under bond or letter of undertaking, as the case may be, or used in the intermediate products cleared for export, the CENVAT credit in respect of the inputs so used shall be allowed to be utilized by the manufacturer towards payment of duty of excise on any final products cleared for home consumption or for export on payment of duty and where for any reason such adjustment is not possible, the manufacturer shall be allowed refund of such amount subject to such safeguards, conditions and limitations as may be specified by the 
Central Government by notification:

Provided that no refund of credit shall be allowed if the manufacturer avails of drawback allowed under the Customs and Central Excise Duties Drawback Rules, 1995, or claims a rebate of duty under the Central Excise Rules, 2002, in respect of such duty.
For service tax refund. 

The procedure for claiming refund for the amount due from the Department is as mentioned below:-

  1. Submission of application in prescribed Form-R in triplicate to the jurisdictional Assistant Commissioner.
  2. Application should be filed within the prescribed period, i.e. before the expiry of six months from the relevant date as defined in Section 11B of the Central Excise Act, 1944 which is made applicable to service refund matters also.

Application should be accompanied by documentary evidence to establish that the amount of Service Tax in relation to which such refund is being claimed has been paid by the assessee in excess and the incidence of such tax had not been passed on to any other person. The ''Relevant Date'' for the purpose of refund (under section 11B of Central Excise Act, 1944) is date of payment of Service Tax. Thus, the limitation period of six months is to be calculated from the said date.