Getting back your Income Tax Refund can be a little difficult for tax payers. This is mainly because tax payers do insist upon 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 refund, immediately. Though as per current year’s provision, the last date to file return has been extended till August 31 2015, it is advised to file ITR at the earliest to enjoy the benefits of quick income tax refund.
2) Online ITR
From the month of June 2015, the Income Tax Department of India has made it mandatory for the citizens to file their return using the online portal. People who are not using this means will lose the benefit of Income Tax Refund. So, if you are planning to file your taxes through paper, then better consider about online e-filing and get your refunds honoured from the IT Department.
3) 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 tax payer to ensure that both these figures match with each other. Failure to match the fissure will result into questions and income tax refunds may be delayed unnecessarily.
See also: Check Income Tax Refund Online
4) Choice of correct ITR
The most common mistake which is made by most of the tax payers is that they fail to file the correct ITR form. As a tax payer, one should know the right ITR form which he should fill. 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.
5) Quote the right TAN
TAN is essential for every person who is related to service tax. If the TAN number is mentioned incorrectly in Form No. 16 or 16A, then the tax payer may lose all his credits and his refund will no longer be applicable. The best way to ensure that your TAN no. is correctly mentioned in your form is to recheck the same and ensure that there are no persisting errors in the form.
6) Accurate Bank Details
As per the notification issued by the Tax Department in June 2015, all refunds shall be directly credited to the mentioned bank account of the tax payer. Therefore, it becomes important for a tax payer 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 delay of IT refund.
7) Copy of ITR-V to be sent to Bangalore
A common misconception with people is that they often forget to send a copy of ITR-V to CPC Bangalore. Once a tax payer has paid his taxes online, he is liable to take a print out 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. Failure to do so will turn your claim for turn into void.
8) 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.