Itr refund process

ITR 585 views 3 replies

Alok

DBA

25 Points Joined August 2013

Hi All,

I am new to this forum and have one question for which I was finding someone , who can help me assist to file a return and at the same time allows me go for tax refund. actually , my employer issued me the form-16 and it has no tax liabilites , but the problem is my savings , which could have been to Rs 100000/- remains to be 70,000 in form 16. now , i made some invenstement of around rs 13,000 for which I have the lic recipt, but this savings does not reflect in my form 16 for which I need to go for tax refund. I would really appricate , if someonw helps me here and offer his/her advise , as how to proceed.

Regards

Alok

Replies (3)

CA Kunal Mishra

Consultancy Service

172 Points Joined September 2010

Hey, you can file your IT return & claim the refund. Its very easy In case of any query feel free to ask Regards, Kunal

Alok

DBA

25 Points Joined August 2013

Thanks for your inputs mate. you said file your ITR and then go for claims. since my form 16 does not have the savings reflected, I am not sure , if I can further go for tax refund after actually filling it. however, I am newbie and might not understand , what you trying to say here. I would really appriciate, if you could guide me the step by step process for such tax refunds.

Regards

Mihir

Wealth Manager

5293 Points Joined December 2008

If your only income is from salary, interest from bank deposit, and your exempt income does not exceed Rs. 5000/- pa, then you should file ITR-1 sahaj.

Fill in the information asked in the ITR-1. It will show a refund. Take the print out of ITR-1 excel sheets. Generate the file from that ITR-1 excel form, and upload the file on the incometax website. It will send you ITR-V (acknowledgement from IT). Take two print outs of this ITR-V, sign on both, keep one with you and another send it to CPC-bangalore.

After 2-3 months, you shall receive your refund bank. It is better to file IT returns before 5th august.