FAQs

• Tax Refund Calculator - How it works?

  The user of the tool can input his sources of income such as Bank Interest, Share Trading & Rental Income in the specified columns. The calculator will then process the data to arrive at the applicable TDS liability for each source and specify whether tax is payable or if refund is due.

• Factors that affect your tax return estimate
  • Taxable Income – This amount is arrived at by deducting applicable standard deductions from the total income under each head of income.
  • TDS deducted/Advance Tax paid – Excess taxes paid in the form of TDS or surplus payment of Advance Tax during the financial year shall be adjusted against your amount of tax payable.
  • Tax Deductions – Payments made toward tax saving investments or eligible expenditures can be used to lower taxable income.
  • Income Tax Slabs – The Income Tax rates applicable to each assessee’s annual income is based on the category each assessee falls under. This categorisation also determines the minimum threshold limit the assessee is eligible for.

• Why Pravasi Tax?

  The Tax Refund Estimator designed by Pravasi Tax is a one-of-a-kind platform that offers the provision for structured input of income, based on which the estimate of Income tax refund shall be drawn. Pravasi Tax also has many customised return filing plans which can be availed in order to initiate the refund due. Pravasi Tax aims to help NRIs make the most of their income by utilising all eligible avenues of tax saving, file timely returns and claim applicable refund.

• What is Income Tax refund?

  The Income Tax refund is the final amount of tax that is returned by the Income Tax Department to the taxpayer, which has been paid in excess of the actual liability during the financial year. The taxes already paid is compared with the actual tax liability on taxable income of the assessee to arrive at the refund due. This mismatch can occur from the following instances:

  • Deduction of TDS in excess
  • Excess Advance Tax paid
  • Failure to submit proofs for all investments for lower tax deductions
  • Double Taxation in the case of an NRI

  Income Tax refund can be now calculated with relatively high accuracy through tax refund calculators. The Tax Refund estimator created and hosted by Pravasi Tax has been proven to give a highly accurate estimate of refund, computed from the structured input of information by a taxpayer.

• How can one check Income Tax refund status?

  Income Tax refund status can be checked through two platforms:

  • Income Tax e-filing website

  Log into the e-filing website and select ‘View Returns/Forms’. Go to ‘My Accounts’ tab and opt ‘Income Tax Returns’. In the page that appears, click the acknowledgement number relevant to your ITR and return details shall appear along with status of refund.

  • Tax Information Network (TIN) website

  Once you access the website, the page that appears will require you to enter details such as PAN and AY. Upon submitting the same, refund status shall be displayed.

• What is the time taken to receive income tax refund in India?

  Once the Centralised Processing Centre (CPC) processes the Income Tax return, the tax refund is normally received in the specified bank account within 20-45 days.

• How can a taxpayer claim Income tax refund?

  Income tax refund can be claimed by simply filing the Income Tax return. Upon entering all relevant details required by the return, including the details of excess tax collected which shall be reflected in Form 26AS, the ITR form will self-calculate the tax payable/refund due. Upon submission of the return and verification within 30 days, the refund due shall be credited subject to scrutiny by the Income Tax department.

• What is the benefit of using an Income Tax refund calculator?

  Using an Income Tax refund calculator or Tax Return estimator can give the assessee a rough estimate of the income that will reach him in the form of refund. He can also compare the same with the refund calculated by the Income Tax Return to check for any material differences.