ITR Filing

Being a taxpayer we need to file tax. Some times during the start of a year we file tax and there could arise some difference in the tax filed and the actual tax paid at the end of the financial year. There could be many reasons for the difference such as start of an investment in the middle of the year or difference in income due to other factors. So if for any instance a tax payer has paid more tax than required for a financial year, the government of India provides an option to apply for Income Tax Refund.

Procedure

There is no particular application form for filling income tax; the individual who needs to file income tax just needs to show the amounted income tax payable and the total ITR that has been deducted. After the tax payer has filed tax return stating that there is an ITR refund, the Income Tax Authority will refund the extra amount in some time with an interest of 6%. But the interest amount is only liable only if the ITR Is more than 10% of the tax paid for that year. The date of interest calculation for the extra 6% interest will be from the date of filing of tax.

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