Home Loan Rate Cut: Boon for Buyers
November 24, 2016
Taxpayers can lose tax breaks in a hurry to exit investments
January 18, 2017

Claim Faster Refunds on Excess Tax Payment

Claiming and receiving your tax refunds on excess tax payment has become simpler and faster than ever if you understand the process.

READ MORE

Taxpayers get an opportunity, every year, to receive refunds on the excess tax, if any, paid by them to the IT Department. However, a lot of people term it as a hassling experience owing to the mistakes that they make, the delays in filing their tax returns and their perception that the process will be a tedious one.

Taxpayers can get their tax refunds by following a simple guide of things to do.

Eligibility for tax refund

A person is eligible to get a tax refund only if he has paid the excess amount of what was due. A refund claim typically arises, in the case of a salaried individual, when he accidentally overstates his taxable income without disclosing tax saving investments to his employer, which leads to a higher tax liability.

Early tax filers get early refunds

Though taxpayers have an option to file their tax returns by 31st March of one year after the Assessment Year (i.e. if Assessment year is 2015-16, returns can be filed up till 31st March 2017), it is always wise to file it on time. Delay in filing the tax return leads to delay in processing of the refund.

E-file your ITR-V

Take the e-verification route and complete the process through net banking or AADHAR, without having to struggle with documentation later. Many taxpayers who verified their returns electronically in this assessment year have received the refund within a month of filing their tax returns.

Enter Correct Information

While filing the tax returns, a taxpayer should make sure that he has entered the correct account number and IFSC code in the ITR form. If he has opted for cheques mode of refund, he should mention the correct residential address.

Source : Money Control