This is the right time to file the income tax returns for the past financial year. If you have paid more tax in the last year and your Tax Deducted Scheme or your Tax-Saving Instruments have not been taken into account while filing ITR, then you are eligible for the Income Tax Refund.
In India, a huge number of taxpayers face difficulty in getting income tax refund after completing all the legal formalities. When you pay your income tax return, make sure that you have filled all the details correctly, which helps the tax authorities to process refunds, if any as quick as possible.
Important steps to get Income Tax Refund Early
Follow the simple steps to avoid delays in Income Tax Refund:
1. Double-Check the typo errors: If you spell your name wrong, mention incorrect PAN number or use an incorrect home address, the IT department will not process your refund, which leads to delay of refunds.
2. Double-check the computation and claim deductions: While filing IT return, you have to do lots of calculation. If you do any calculation wrong like adding instead of subtracting, then your refund will be delayed. To avoid this, it is better to e-file returns with the help of a trusted software.
3. Ensure ITR-V Verification: If you haven’t submitted ITR-V or done e-verification, then Income tax refund will be delayed. However, if you have already verified ITR-V, but then also there is a delay then you can reach to the Centralized Processing Officer (CPC) of the Income Tax Department.
4. Select the proper ITR form: ITR forms are structured on the basis of source of income, losses, and your status as a person. By mistake, if you file ITR using wrong ITR form, all the important details will be missing in that form, which leads to delay of refunds.
5. Avoid Last-minute rush for filing returns: If you are filing returns just before the deadline, then you part of a huge crowd. Due to this, there is a delay in processing refunds.
6. Non submission of statutory annexure: Apart from filing ITR form, you have to file some annexure form for claiming IT refunds like form 10 BA under section 80GG for claiming rent deduction, etc.
Make sure to follow the last 4 steps
7. Fill Form 16A Details Correctly: Make sure that there is no mistake in the TDS you claim and in Form 16 and Form 16A in any case. Apart from this, allocate your income and TDS with Form 26AS.
8. File Returns before due date: Please file income tax returns as early as possible or before the due date.
9. Enter Proper Bank details: Make sure that your bank account details are proper. To avoid any issue, please provide an Indian Bank Account.
10. Super-Senior’s file electronic return: If you are a senior citizen having an annual income of less than 5 lakh and you are filing returns in hard copy, then please file IT returns online in order to speed up the process of IT refunds.
Thus, by following above mentioned 10 steps, you can get your Income Tax Refunds early.