If excess income tax has been deducted by way of tax deducted at source (TDS) either by Banks or your Employer, you are eligible to claim a refund. Banks deduct TDS on interest earned on fixed deposits if it exceeds Rs.10,000 a year.
For claiming a tax refund, you have to file ITR. If you have missed the deadline of 7 September 2015 for last Financial year, you can file a belated return. You can do so within a year from the end of the Assessment year in which the return was to be filed. So, for FY2014-15 (i.e., AY2015-16), you can file your ITR by 31 March 2017, and claim the refund of excess taxes paid.
E-filing of income tax return (ITR) has not only made the process easier, but also reduced the time taken for refunds. This year, the tax department has started the facility of electronic verification of ITR for assessment year (AY) 2015-16 through an electronic verification code (EVC). According to the department’s website, around 3.5 million e-returns for AY 2015-16 have already been verified through EVC. As on 7 September, about 4.5 million returns of AY 2015-16 have been processed, and more than 2.2 million taxpayers have got their refunds. If you are awaiting your tax refunds, you can track its status.
WHERE CAN YOU CHECK?