To fill out Form No. 95—which is typically used in the context of the Indian Income Tax Department for requesting a “Refund of Tax” or “Exemption from Tax” under specific sections (often related to non-residents or specific trust scenarios)—you need to be precise.
Here is a step-by-step guide to help you navigate the form without errors.
Step-by-Step Guide to Filling Form No. 95
1. Personal Information Section
- Name: Enter your full legal name as it appears on your PAN Card.
- Address: Provide your current residential or communication address.
- PAN Number: Double-check this. Your 10-digit Permanent Account Number is the most critical identifier.
- Status: Specify whether you are an Individual, HUF, Firm, or Company.
- Residential Status: State whether you are a Resident, Non-Resident (NR), or Not Ordinarily Resident (NOR).
2. Financial Details
- Assessment Year (AY): Ensure you mention the correct Assessment Year for which the refund or exemption is claimed.
- Total Income: Enter the total income earned during the previous year that is relevant to this claim.
- Tax Already Paid: List the details of TDS (Tax Deducted at Source), Advance Tax, or Self-Assessment Tax already paid.
3. Claim Details
- Section Reference: Mention the specific section of the Income Tax Act under which you are claiming the exemption or refund.
- Reason for Claim: Briefly state why you are eligible (e.g., “Income falls below the taxable limit” or “Double Taxation Avoidance Agreement (DTAA) benefits”).
4. Verification
- Declaration: You must sign the declaration stating that the information provided is true and correct to the best of your knowledge.
- Place & Date: Don’t forget to mention the city where you are signing the form and the current date.
Key Documents to Keep Ready
Before you start, make sure you have these nearby:
- PAN Card (For identity and number verification).
- Bank Account Details (Including IFSC code for the refund credit).
- Form 16 or Form 26AS (To verify tax credits).
- Proof of Income (Investment proofs or salary slips).
Common Mistakes to Avoid
- Wrong Assessment Year: A very common error. Remember, the AY is usually the year after the financial year you earned the money.
- Mismatched PAN Details: If the name on Form 95 doesn’t match the PAN database, the request will be rejected.
- Illegible Handwriting: If you are filling a physical copy, use Block Letters and blue or black ink.
Note: Tax laws and form versions can update. Always ensure you are downloading the latest version of Form 95 from the official Income Tax e-Filing portal.