Have you paid extra taxes? That can be very disheartening particularly when the money you earned after working for hours, goes towards taxes. However, you can set this right by going for tax refunds. You can get a tax refund if you have paid more tax than what was actually payable.
We agree that the tax refund process can be very strenuous, disorganised, and slow. However, with a few simple tips, you can crack the tax refund process thoroughly. When you receive the money that you had paid on taxes, it is an amazing feeling.
Tips to enjoy a simple tax refund process:
Let us learn how you can have a smooth tax refund process:
- File your tax returns early: People generally file tax returns only on the last date of the filing period. This last-minute business makes your filing very confusing and hurried. When you file late, you will obtain your tax refunds late. You will be forced to wait for a very long time. Make sure you mail your ITR-V form right after you file your taxes online. Do not delay sending it to the Income Tax Centralised Processing Centre. If you do not send the ITR-V promptly, you may incur a loss. This is because the IT department will make interest payments only from when the returns are actually filed.
- Do not commit errors when you file your tax returns: Always make certain you give the right details in your tax refund form. You also need to ensure that you give the accurate IFSC code and account number. You can cross-verify before you submit the form. This is because your refund amount will be given in the form of a refund cheque or by crediting the amount to your bank account. You will need to give the right address if you have chosen cheque as the method for transferring your refund.
- Make your tax refunds through digital methods: You can file your tax returns by visiting any reliable tax filing website. This is known as e-filing. After you complete the e-filing process, you can mail your ITR-V. If you are lazy to send the ITR-V form by post, you can go for the electronic verification method. You can do this by linking your bank account to Aadhaar or through net banking methods. When you choose any of these 2 methods, you do not have to worry about providing any physical documents. The electronic method of verifying one’s returns has increased the speed of the process. Many individuals have obtained their tax refunds within a month after getting it verified online.
- Check your tax refund status on a regular basis: You can track the status of your tax refund application by visiting the official website of Tax Information Network managed by the Income Tax Department. You will need to key in your PAN and the assessment year in the relevant fields. You will then get the status for your tax refund. You can also ask for a computerised counterfoil from your bank. The status will mention in progress or that the refund has already been made or that you are not qualified to get a refund.
If you follow these guidelines, you will be able to expand your tax refunds and save money well. With these savings, you can make great investments.
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