Sometimes getting back your Income Tax Refund can be a little difficult for taxpayers. This is mainly because taxpayers do insist on paying taxes, but they often miss out on filing the right type of return/ filing return on time. Here are 8 certain ways which will help you to get your Income Tax Refund Faster from the IT Department of India.
1) Filing ITR on time
The first thing that you need to do is file your Income Tax Returns on time. Filing returns on time allows the IT Department to process the return quickly and hence, if there is any return, the same gets eligible for a refund, immediately.
2) Match 26AS with Form 16
Tax Deducted at Source or TDS is an important part of an IT Return. It is mentioned in two forms, namely, Form 26AS and Form 16/16A. It is important for a taxpayer to ensure that both these figures match each other. Failure to match the fissure will result in questions and income tax refunds may be delayed unnecessarily.
See also: Check Income Tax Refund Online
3) Choice of Correct ITR
The most common mistake which is made by most of taxpayers is that they fail to file the correct ITR form. As a taxpayer, one should know the right ITR form which he should fill out. If there arises a doubt or confusion, the person should consult an expert who shall guide him in the right direction. Filing the right return increases your chances of getting your IT refund quickly.
Check – Which ITR Form to File
4) Accurate Bank Details
Now all refunds shall be directly credited to the mentioned bank account of the taxpayer. Therefore, it becomes important for a taxpayer to offer accurate bank information to the IT Department. Wrong account number, wrong name of the account holder, wrong name of the bank, etc., will result in the delay in IT refund.
5) Copy of ITR-V to be sent to Bangalore
A common misconception among people is that they often forget to send a copy of ITR-V to CPC Bangalore. Once a taxpayer has paid his taxes online, he is liable to take a printout of the ITR-V and sign the same. He is then required to send a copy of the return to CPC Bangalore within
120 days and 30 days. Failure to do so will turn your claim for turn into void.
To get a faster income tax refund, verify your income tax return online instead of sending ITR -V.
Updates: Central Board of Direct Taxes (CBDT) has reduced the time limit for confirming income tax returns (ITRs) from 120 days to 30 days after electronically transmitting the data. Here is the notification – Visit Here
6) Track your status
Usually, when your return is processed by the IT Department, you are given an intimation through an email which has a subject mentioned as ‘Intimation u/s 143 (1)’. This intimation is a confirmation that your return has been processed by the department and you are now eligible for an IT Refund.
However, if you still face some problems in understanding the channels which can help you to get your IT refund faster, you are free to consult a tax expert, who will guide you towards an encompassing solution and will look into your pattern with extreme concern. The IT Department is always ready for help, provided you wish to ask.