Taxes are a topic that is often approached with some trepidation by many people. The year-end period between January to March every year sees earning individuals make a beeline for tax saving investment options.
So, you’ve paid your taxes. What’s the next thing you hope for? A tax refund. Now that brings on a smile, doesn’t it? Let us tell you what you can do to get your tax refund sooner rather than later.
- File your Income Tax Return on time
They say the early bird gets the worm, right? The same applies for tax refunds. File your returns early and you can expect your refund (if you’re eligible to get one) really soon.
- Go online and breeze through the filing process
The Income Tax Department, with effect from June 2015, has made e-filing of Income Tax returns mandatory. Want to skip e-filing? Forget about getting a tax refund.
- Verify that the TDS paid amount matches Form 26AS
You must make it a point to check that the TDS paid amount, Self-Assessment Tax or Advance Tax mentioned in your Form 16 matches with the figures in Form 26AS. For the Income Tax authorities, details given in Form 26AS are considered to be written in stone. Well, not literally, but you get the point, don’t you?
- Have you filed your returns using the correct ITR forms?
If you’ve used an incorrect form to file your Income Tax Return, the Income Tax Department will not be able to process your return. This would mean a delay in any refunds you were expecting.
- Pay attention to the TAN of the TDS deductor
Be careful to mention the correct TAN number of the person deducting TDS on your behalf. An error in the TAN number on the ITR forms could spell loss of tax credits for you. Tax refund? No chance of that.
Additional Reading: How To Claim Your TDS Refund
- Is that your bank account sir?
You must be careful to check (twice, if you have to) the bank account number you provide in the ITR forms. An error in the account number could delay refunds due to you. The Income Tax Department has stopped issuing tax refunds to tax payers through cheques sent to the tax payer’s address. Tax refunds are, from June 2015, credited directly to your bank account. The details you need to provide apart from the bank account number are the IFSC code of your bank’s branch and MICR code to ensure hassle-free transfer of any refunds.
- Send your ITR-V to CPC, Bangalore within the stipulated time
You get 120 days after filing your tax return to send your ITR-V form to the CPC Bangalore. This will enable the Income Tax Department to verify your filing of return for the assessment year. Don’t have the time? You can e-verify your tax return using your internet banking facility or your ATM. Forget to do this and the returns you filed will be considered void.
- Track the status of your Income Tax Return
When the Income Tax Department processes your tax return, they will send you an intimation under Section 143(1) to inform you that they have processed your Income Tax Return.
With these handy tips, you’re sure to become a pro at understanding how to get an Income Tax refund, fast.
Thinking of tax saving investments?
Additional Reading: Things To Know Before Filing Your Income Tax Return