Refund Eligibility Criteria

• A corporate tax refund arises when excess tax is paid over the actual liability.
  
• Refunds may result from advance tax, TDS, or self-assessment tax overpayments.
  
• The refund amount is claimed in the income tax return.
  
• Proper bank account details must be furnished for direct credit.
  
• Filing the return within due time ensures faster processing of refunds.
  

Filing and Verification of Return

• Companies must file their return using Form ITR-6.
  
• Verification must be done electronically using a Digital Signature Certificate.
  
• Incorrect or delayed verification may delay the refund process.
  
• The Income Tax Department initiates refund processing after successful filing.
  
• The return must be free from major discrepancies to avoid refund hold.
  

Refund Processing by Authorities

• Refunds are processed by the Centralized Processing Centre.
  
• The system checks the return, matches TDS and tax payments, and computes the refund.
  
• If discrepancies exist, the refund may be held for clarification or rectification.
  
• Refund intimation is issued under section 143(1) once processed.
  
• The refund amount is directly credited to the registered bank account.
  

Steps to Check Refund Status

• Log in to the e-filing portal using company credentials.
  
• Go to the income tax return section and select the relevant assessment year.
  
• View the status of processed returns and refund issued or pending.
  
• Details of refund issue date, amount, and mode of payment will be visible.
  
• Alternatively, check refund status through refund tracking facility using PAN and assessment year.
  

Important Considerations

• Ensure that bank account is pre-validated and linked with PAN.
  
• Regularly check registered email and SMS for refund communication.
  
• Delays may occur due to mismatched TDS, wrong details, or ongoing assessments.
  
• Rectification or grievance filing is available in case of delay or denial.
  
• Keep acknowledgment and intimation copies for future reference.