Posted by Greetings from Classic Associates, Tuticorin (Thoothukudi).
We have answered few questions related to ITR Filing.
My IRS not showing my refund status?
If the Check Status screen shows that your tax return is accepted, then you can check your refund status with the IRS on the Where’s My Refund? tool or by calling 1-800-829-1954. tool before that time, your refund information will not show up on the IRS system.
Can I claim tax refund for belated return?
A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier.
If you file a belated return for FY 2019-20 but before December 31, 2021, you will have to pay a penalty of Rs 5,000. This penalty would increase to Rs 10,000, if the ITR is filed on or after January 1, 2021. However, if the total income of the taxpayer is less than Rs 5 lakh, the penalty amount will not exceed Rs 1,000.
When will the refund processing start?
You can get your refund in as little as 8 days from when you file.
Could I file an income tax return after 4 years?
The amendment made in the Finance Act 2016 stated that income tax returns must be filed within the end of the relevant assessment year, effective from the assessment year 2017-18. There is no provision for you to file the returns once you have missed the due date.
How to get my tax refund?
You can claim the refund of the excess tax paid/deducted during a financial year by filing his or her income tax returns for that year. As per the Income Tax Act, a person is required to file his/her return in the relevant assessment year by July 31 (unless deadline extended) to claim the refund.
What is the income tax return status?
Taxpayers become eligible for refunds if higher taxes — either through advance tax, self-assessment tax or tax deducted at source (TDS) — are paid in comparison with the total tax liability. The refund can be claimed by filing the income tax returns (ITR) form within the specified timeline.
How to claim refund for income tax?
You may have received an email informing that you are eligible for an Income Tax Refund and it will be credited to your bank account by the Income Tax Department.
Have more questions ? ! ? Need help in getting your ITR filed ? Feel free to contact us at:
www.classicassociate.com | support@classicassociate.com | 93444 17156
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