Tax Rebates & Refunds

Claim a tax refund if you have overpaid this year

July 1, 2010
Posted in Income Tax — Written by Geoffrey

If income tax is deducted from your earnings or pensions regularly then you may be entitled to receive an income tax repayment from government agencies. This is because there are several possibilities or chances that you will have overpaid. By using an income tax calculator, you can easily know the amount of tax rebates you are due.

Once you have decided to claim for tax refunds or tax rebates then you have to submit all important documents to your local tax office.

What documents are required?

If you are claiming for your tax back then you have to give relevant documents which are related to your income and tax during that specific year. This includes:

  • Form P60 and form P45
  • Documents related to your previous employment
  • Information about your income or pensions

As per the tax laws of our country, any individual can claim tax back even for last six years. If you want to claim tax refunds for different financial years then ensure that you have submitted documents of those years. Once you have submitted all the relevant documents then you will receive the payment within few weeks.

How tax refund or rebate is received?

The payable order or cheque is sent by post. If you do not want a cheque then the local tax office can also transfer it directly to your bank or housing society account. You can also nominate someone else who can receive the refund on your behalf.

The whole process of tax refunds can become very complicated, so it is recommended to hire a tax consultant who will take care of all legal formalities.

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