It is that time of the year again and soon one would have to file their IT returns for the past financial year. If one has paid excess tax throughout the year through TDS, or there have been tax saving investments that have not been taken into account, then one is entitled for a refund. However, there are many who face difficulties getting their tax refunds and they also have difficulties going through the formalities.
It is important to see that all the details are filled in properly while filing tax returns so that the refunds are received quickly. According to experts, it is the responsibility of the tax payer to file his returns in such a manner that he gets his refund quickly. In our country, refunds are processed in about 2 or three months after the returns are filed, and sometimes it is lower. To ensure the quickest refunds, here are some things that the tax payer can do.
- The tax payer can double check any typing errors while typing in simple information like one’s name or one’s PAN details, home address. With such wrong information, the IT department cannot process the refund.
- One also needs to double check the computation and the claim of deductions because tax returns include a lot of them. If the calculations are wrong and one provides incorrect information with regards to the amount that they should be refunded, the entire refund process would be delayed. With the help of e- filing and use of software such calculations can be made error free.
- It is also important to use ITV-R verification because late or non- submission can result in delayed refund and even if one has opted for it and there is still considerable delay, then one could follow up with the Centralized Processing Center of the IT department.
- It is also important to choose the correct ITR form based on one’s income, losses and on one’s financial status. Choosing the wrong form would delay the process as would filing the tax returns at the last moment and this makes one a part of the last minute filers that can cause delay in refund processing.
- Most often make the mistake of not submitting the statutory annexure and there are specific annexure and forms to be filed along with the ITR for claiming tax relief. On top of that, one should enter the correct bank details to get the refund and also fill in the details in Form 16A correctly.
- One should make it a point to file the returns within the due date and in case of Super- Senior Citizens, who file their returns in hard copy, they might consider doing so via an electronic medium for a quick disbursal of the refund.