Waiting for the income tax refund? Get your money back, just do this

Income tax refund: In case a taxpayer has paid taxes in excess of her total tax liability to the Income-Tax department, she will be eligible for a refund. The refund arises when the sum of advance tax paid, self-assessed tax paid and tax deducted at source (TDS) against the PAN of the taxpayer is higher than his actual tax liability. The taxpayer can claim an income tax refund while filing tax returns for the financial year. Once the income tax return has been filed and e-verified by the assessee, the department starts processing the returns and determines the refund payable. After the returns are processed, a communication is sent to the taxpayer via SMS and email.

Speaking on the Income Tax refund norms, Archit Gupta, Founder and CEO at ClearTax said, "The communication is received as an intimation under section 143(1) of the Income Tax Act. This intimation reflects the amount of refund that will be credited to your bank account along with a refund sequence number. The refund amount may differ from the amount claimed by the assessee in his income tax returns. This is because the intimation is generated after adjusting any arithmetical errors appearing in the return, any incorrect claim or any loss brought forward being disallowed."

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itro@sbi.co.in for further queries. One who has savings account with other banks can contact for the same with the given contact information of their respective banks.