Need A Financial Product Forums Tax Savings Can I receive a tax refund if I am currently making payment for previous year taxes?

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  • #47490

    Anonymous

    Can I receive a tax refund if I am currently making payments under an instalment agreement or payment plan for a prior year`s taxes?

    #47491

    As the condition of your instalment agreement, any refund that`s due to you in the future years will be applied against the amount that you owe, so the answer is no. Also, the income tax department of India is going to automatically apply the refund to the taxes owed in your account so you must continue giving out your instalment payments as scheduled and in full as then only your refund won`t be applied against your regular monthly payment. The refund is applied when you file your income tax returns and then an excess amount of tax paid is showed in the report. It should not affect your regular advance tax payments.

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