Tipping point

Last Updated: Mon, Jul 01, 2013 04:28 hrs

What is a tax refund?
You are eligible for a refund when the tax liability or the amount of tax to be paid is less than the amount paid. A claim can also be made when the taxes were deducted because you did not declare your investments. For the salaried, it is possible the company deducted excess tax since you did not declare your investments.

How do I get a refund?
The tax return will show the amount of refund. In case the return shows you are getting a return, the cheque or transfer comes to the address/bank account directly. If you want to declare some more investments, a revised return of income needs to be filed. The claim has to be made using Form 30.

More from Sify: