How Can I Claim My Tax Refund?
How Can I Claim My Tax Refund?: Tax refund claim is a topic weighing heavily on all our minds. Tax is deducted from salaries and at almost every other service and product. The collected tax is a huge responsibility. It is through this amount that the government seeks to provide the public with facilities and attempts to improve the standard and quality of life at the grass-root level. If excess tax is paid, then a refund is claimed, which understandably, every one of us would be eager to receive.
Claiming a refund!
There are some circumstances in which a refund can be claimed. Every tax-paying individual should be aware of these conditions in order to take advantage of this situation where possible.
You may be entitled to receive a tax refund;
- If excessive tax has been deducted from your salary. This is generally applicable to an employed individual, where tax is deducted by the payroll before salary is credited to the employee.
- If you have stopped working.
- If you submit your tax yourself, rather than it being deduced by another department, and have deposited an excess amount in lieu of tax.
- In the case of pension payments, you may be entitled to receive a refund if too much tax has been paid.
- A refund might also be applicable if you have purchased a life annuity.
- Payment for work-related expenses such as fuel costs or work clothing can also entitle you to receive a refund.
- For those on low income, any interest paid on savings.
In any of these circumstances as well as a few others, a refund can be claimed. It should be kept in mind, however, that there is a time frame within which the tax refund claim needs to be filed, after this it is absorbed by the Treasury. For claiming the refund, all up-to-date, relevant documents need to be attached and then forwarded. Once a refund has been claimed, the next step is opting for a method of payment, i.e. by cheque, payment into bank account or maybe to credit or debit card. Always wait a reasonable amount of time before attempting to follow up on your case.
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