MANAGEMENT

Detailed explanation-1: -In case you’ve paid a higher tax amount, then you can get a tax refund. If you find out that you’ve paid higher tax, then you need to fill out Form 30. Form 30 allows you to request a tax refund. However, you must keep in mind that you need to submit the refund claim before the financial year ends.

Detailed explanation-2: -When the tax paid by the taxpayer (could be in the form of advance tax or tax deducted/collected at source or self-assessment tax or payment of tax on regular assessment) is more than the required amount, he will be eligible to claim refund of the excess tax paid by him.

Detailed explanation-3: -Logon to ‘e-Filing’ Portal https://www.incometax.gov.in/iec/foportal/ Go to the ‘My Account’ > Click ‘Service Request’ > Select the ‘Request Type’ as ‘View Request’ and Select the ‘Request Category’ as ‘Refund Reissue’ Click ‘Submit’

Detailed explanation-4: -A taxpayer becomes eligible for an income tax refund when taxes paid are higher than your actual tax liability inclusive of interest. It could be in the form of advance tax, self-assessment tax, TDS, etc.

Detailed explanation-5: -If you have various dues, start clearing if off in order of interest rates. The ones with higher interest costs and no tax benefits go first. The ones that offer tax benefits such as student loans and home loans, should be the last to be paid off. Also, check for pre-payment charges.