A Simple Guide to Claiming Income Tax Refunds

To receive your tax benefits, it’s crucial to understand how to file your income tax refund. You can follow the instructions in this guide on how to claim your income tax refund step-by-step and learn about key requirements and concerns.

Step 1: File Your Income Tax Return Electronically:

Filing your Income Tax Return electronically is prerequisite to be eligible for an income tax refund. Ensure that you accurately report your income and deductions in your electronic return.

Step 2: Reflect the Refund Amount in Your Income Tax Return:

When filing your Income Tax Return electronically, clearly enter all the taxes paid during the year so that the refund amount is reflected accurately in the designated section of the return form. This will help the tax authorities process your refund efficiently.

Step 4: Verification and Processing:

Once you have filed your electronic application for refund, the tax authorities will verify the information provided and process your refund request. It may involve reviewing your income, deductions, and any supporting documents submitted.

Step 3: Claiming the Refund in Iris:

If your Income Tax Return results in a refund, you must file a separate application through Iris portal. The application allows you to claim the refund amount officially. Keep track of the status of your application by visiting your relevant Regional Tax Office (RTO).

Step 5: Timely Refund Claims:

To receive your refund, it is important to file the refund claim within two years from filing your return (date of assessment) or from the date the tax was paid, whichever is later. Be mindful of the deadline and submit your claim timely.

Step 6: Entitlement Considerations:

Note that filing your Tax Return after the specified due date may affect your entitlement to a refund. If you file after the due date, you may only be eligible for a refund when included in the Active Taxpayers List (ATL). Additionally, the tax authorities will not be liable to compensate for any delayed refunds during this period.

Step 7: Centralized System for Online Payment:

A centralized system for online payment of income tax refunds has been implemented to streamline the refund process. Ensure that your IRIS profile is up to date, as this will enable you to benefit from electronic transfer facilities, allowing for faster and more convenient refunds directly into your bank account.

Step 8: Accurate Bank Account Details:

To receive income tax refund cheques, provide the complete Bank’s IBAN in the system’s designated bank account details section. This IBAN should correspond to the bank account already available in your IRIS profile. Providing accurate and updated bank account details will facilitate a smooth refund process. Procedure for adding a New Bank Account: https://download1.fbr.gov.pk/Docs/2020414124275638StepstoManageBankAccount.pdf

To maximize your tax return, you must claim your income tax refund. You can confidently claim your refund and make the most of your hard-earned money by following the step-by-step instructions provided in this tutorial. If you don’t want to deal with all of this headache, call Befiler to claim all of your tax returns. The process will be thoroughly explained to you by befiler specialists, who will also make sure you receive your paid taxes back without any problems. Keep up with changes to the consolidated online payment system, and double-check the information on your bank account. Gain the knowledge you need to successfully navigate the income tax refund procedure and obtain the returns to which you are legally entitled.