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PRACTICAL TIPS ON CLAIMING TAX REFUND
Posted by
mukesh patel in
Save Tax - The Smart Way, Tax Clues - Ahmedabad Mirror on
Jan 9th, 2012 |
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Although, tax refund must be claimed within one year from end of the assessment year, there is a remedy for belated & additional claims!
There may be situations where considering the amount of tax deducted at source from the income of the taxpayer or the advance-tax paid by the taxpayer on his estimated income, the taxpayer becomes entitled to claim refund of income-tax, if such tax deducted or paid exceeds the actual income tax liability for the relevant assessment year. A taxpayer may also become entitled to refund of income-tax as a result of any order passed in appeal, rectification or revision, when the assessed taxable income has been reduced and he had paid excess tax earlier.
Section 237 of the Income-tax Act provides for granting of Refund of excess tax paid or deducted in the case of a taxpayer, where such tax exceeds the actual tax payable by him. (more…)
