- Start by filing your income tax return for the relevant financial year using the appropriate ITR form based on your income sources and other criteria.
- Include all your income, deductions, and tax payments in the return.
2. Calculate Tax Liability
- Calculate your total tax liability for the financial year after considering eligible deductions and exemptions.
3. Verify Tax Payments
- Check the tax payments made during the financial year, such as TDS, advance tax, and self-assessment tax, as mentioned in your Form 26AS.
4. Compare Tax Liability with Tax Payments
- Compare your tax liability with the total tax payments made during the year. If the tax payments are more than your actual tax liability, you are eligible for a tax refund.
5. Submit ITR-V (if applicable)
- If you file your income tax return offline (using physical ITR forms), you need to submit the ITR-V (Income Tax Return - Verification) to the Centralized Processing Center (CPC) within 120 days of e-filing the return.
6. E-Verify the Income Tax Return
- If you file your income tax return online, e-verify it using any of the available methods like Aadhaar OTP, Net Banking, Demat Account, Bank Account, or EVC (Electronic Verification Code).
- E-verification must be done within 120 days of filing the return; otherwise, the return will not be considered valid.
7. Wait for Processing
- After filing and verifying your return, the Income Tax Department will process your return and verify the tax calculations.
- Ensure that your bank account details mentioned in the income tax return are accurate and active to receive the refund.
10. Receive Tax Refund
- Once the tax department processes your return and approves the refund, the amount will be credited to your registered bank account directly.
11. Seek Professional Assistance (if needed)
- If you face any issues with the refund or have queries regarding the process, consider seeking help from a qualified chartered accountant or tax consultant.
It's essential to file your income tax return accurately and on time to claim any eligible tax refunds. The refund process may take some time, so be patient and regularly check the refund status on the income tax e-filing portal.
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