Navigating Your Way to a Hassle-Free Tax Refund: A Step-by-Step Guide

Summary

Tax refunds allow you to reclaim overpaid taxes from advance payments, self-assessment, or TDS. The blog details the filing and verification steps needed to process your Income Tax Return within 120 days, with methods including Aadhaar OTP, EVC, or net banking. It also explains refund interest calculation and common queries to help ensure a smooth and timely refund process.

Key Takeaways

Timely filing and verification of your ITR are crucial for claiming refunds.
Tax refunds arise from overpayments via advance tax, TDS, or self-assessment.
Multiple verification methods, including Aadhaar OTP and net banking, expedite processing.
Interest is applicable on refunds as per Section 244A, with a rate of 0.5% monthly.