G. K. Kedia & Co. is a Delhi based CA Firm, which has a robust team of skilled and proficient Chartered Accountants, who can handle all financial services related to Income Tax, Goods & Services Tax (GST), Merger & Acquisitions, Due Diligence Services, Trademarks, Investment in India by Foreign Nationals & NRIs, Societies and Trust (NGO), Import-Export, Technology Park & Special Economic Zone, Business Process Outsource (BPO),

1. G K Kedia & Co.
CHARTERED ACCOUNTANTS FIRM

2. INCOME TAX REFUND
The Term “Income tax” refers to the type of tax that
the government imposed on income earned by the
person (defined in the Income Tax Act, 1961) during
the previous year & such income is to be assessed in
the Assessment year.

3. As per section 2 (31) of the Income Tax Act,
1961 ” person” Includes:
● An individual,
● A Hindu undivided
family,
● A company,
● A firm,
● An association of
persons or a body of
individuals, whether
incorporated or not,
● A local authority, and
● Every artificial juridical
person.

4. As per section 3 of the Income Tax Act,
1961″Previous year” is defined.
For the purposes of this Act, “Previous
year” means the financial year
immediately preceding the assessment
year:
Provided that, in the case of a business
or profession newly set up, or a source of
income newly coming into existence, in
the said financial year, the previous year
shall be the period beginning with the
date of setting up of the business or
profession or, as the case may be, the
date on which the source of income
newly comes into existence and ending
with the said financial year.

5. As per section 2(9) of the Income Tax Act, 1961
“Assessment year” is defined.
“Assessment year” is
the period (from
April 1 to March 31)
during which you
are taxed on the
income you received
in a given financial
year.

6. Provision relating to
Refund
Income tax return, often known as IT
refund, occurs when an Assessee’s tax
paid exceeds the amount is obligated
to pay. It is computed in accordance
with various tax rules and sections of
the Income Tax Act of 1961.
Sections 237 to section 245 deal with
the provisions relating to the refund
of excess tax paid by the taxpayer.
● Calculate the total amount of tax
paid for the year (by any means, i.e.
advance tax or tax deducted
/collected at source or self-
assessment tax or payment of tax on
regular assessment).
● Calculate the actual tax payable at
the year-end
● Tax Refund shall be (A) – (B).
How to calculate income tax
refund

7. How to claim a refund?
Income Tax refund can be claimed only through filing a return of income
within the time limit prescribed under section 139 of the Income Tax Act,
1961, In which you provide all the details of income, tax deducted at
source, and along with tax paid for the previous year.
It is mandatory to file ITR online only to get the benefit of a refund in
case of excess payment of tax with the effect from 01 Sep 2019
specified in the Finance (No. 2) Act, 2019.

8. Applicability of Interest on refund
According to section 244A of the Act, interest on delayed refunds is as:
● Refund arising out of TDS/ TCS/ Advance Tax/
Self-Assessment tax u/s 140A:
Interest is calculated at the rate of 0.5% per
month or part of the month. In case return is
filed on time, interest is calculated from the 1st
of April to the date refund is granted, But if the
return is not filed on time, interest is calculated
from the date of filing an online return to the
date refund is granted. It must be considered
that if the refund amounting to less than 10% of
the tax under assessment, then it is not entitled
to any interest.
● In any other case:
Interest is calculated at the
rate of 0.5% per month or
part of the month from the
date of payment of tax to
the date of grant of the
refund.

9. Status of Refund:
The Status of Refund/ Demand can be checked by following the below-
mentioned methods:
● Through Income Tax Portal:
○ Login to e-Filing website with the User ID, Password, Date of Birth / Date of Incorporation,
and Captcha. Go to My Account and click on “Refund / Demand Status”.
○ Below details will be displayed.
○ Assessment Year Status Reason (For Refund Failure if any) Mode of Payment is displayed.
○ Taxpayers can now view Refund/ Demand Status.
● Through NSDL Website:
○ Visit the TIN NSDL website for refund tracking
○ Scroll down to enter your PAN and select the assessment year. Enter the captcha code and
click on “Proceed.”
○ Next, you will be redirected to a page that will display a message depending on your
income tax refund status on NSDL.

10. CONTACT
Head Office : Delhi
812, Naurang House 21,
Kasturba Gandhi Marg, Connaught Place,
New Delhi- 110001, India
+91-11-46259900
1800110099 (India Toll Free)
+91-8826897200
mail@gkkediaandco.com