Things to do if you want an Income Tax Refund Fast
What is Income Tax Refund?
You are eligible to receive income tax refund in case you have paid more tax than what you are actually liable to. This generally happens in cases when the self-assessment tax, advance tax paid or the TDS deducted is more than your tax liability.
Key Points to follow to get your Income Tax Refund as fast as possible :
1. Income tax refund request depends on your income tax filing
File your Income Tax Return on time so that you can make refund request quickly as well. Refund request can be processed only once your Income Tax Return gets processed.
2.You must file income tax return online
As per the circular by Income Tax Department, Income Tax refund request will not be processed if you have not filed your income Tax Return online.
3.Choose appropriate form to file income tax return and refund request
Income Tax Return must be filed through ITR Form. Choose the right form and cross check the TDS or self-assessment tax paid mentioned in Form 16 with the Form 26AS. The income tax department would process your refund request based on the details available in Form 26AS.
4.File Income Tax Refund request on time
Refund request must be filed within 1 year of assessment as per the circular issued by the income tax department.
5.Provide adequate information about your account
Failing to link your KYC details with the request may generate delay in processing your refund request. Kindly, check all the information properly as refund is processed and paid through cheque or directly in your account. Any incorrect information will lead to failure in delivering the refund.
6.Track your refund request from time to time
Check refund status regularly after making the request as it may require some more information or there might be an issue with your income tax refund request. Once the process is complete, you’ll receive intimation under section 143(1).
Proper and covers can help you save tax and increase your income tax refund amount. Follow the protocols defined by the income tax department and be attentive while filing your Income Tax Refund to get it on time.
Digital Wallet with free Virtual card and UPI which can be used to send/receive money, mobile/DTH recharge, pay bills and much moreRead More