Many of us rush at the last moment for making right tax investments, this leads to incorrect disclosure of investments which will ultimately end you up in paying extra taxes. This extra tax paid in addition to actual tax liability leads to a situation of Tax refund.
The process of getting the tax refund has traditionally been very tiring and time consuming for an individual. If you are expecting a tax refund then it"s important to take a few steps which will expedite the process.
How do I get the Tax refund?
- Filing the return on time is the first and foremost requirement for claiming the Tax refund, by providing the adequate investment details.
- File your return online so that it is processed faster and it doesn"t have to deal with bureaucracy. You can file your return online for FREE at www.taxyogi.com
- Check your Income tax Return to see if it"s reflecting the tax refund correctly.
- If your Tax return shows Tax refund, filing the return is all you need to do. The IT department will send the refund by post (cheque) or direct credit to your bank account.
- You should provide proper details of bank account like MICR Code, bank account number and also the proper address to get the Tax refund amount directly credited in to your account.
- Opt for direct credit so that you don"t have to deal with postal delays.
Further in a situation where you think that you forgot (to mention bank account no., MICR code of bank) or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted.
What if you do not receive Tax refund within a year?
If you do not receive your tax refund within a reasonable time which normally is within a maximum of one year from the date of filing the tax return
- Check your Tax Refund status here. (Read more on tracking your income tax refund status)
- You can approach Tax Ombudsman which are present in select cities to deal with such cases. The Ombudsman has been empowered by the government to help tax payers and also better the whole tax process.
Thus, to conclude, prevention is better than cure. So it is always better to plan early and prevent paying extra taxes than to wait months to get your refund back.