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5 Ways To Get An Income Tax Refund Quickly
If you ask individuals on how quick they receive their income tax refunds after filing their tax returns, they might be able to tell you one thing for sure - and that this that income tax refunds are much faster and quicker than they were before.
1) E-file your income tax returns
If you e-file your income tax returns, you can get the tax refunds within 3 weeks from the date of filing. The refunds take much longer to arrive, if you have filed your income tax returns in the physical format. In any case income above Rs 5 lakhs has to be filed in the electronic format.
2) Link your Aadhaar Card to your PAN Card number
If you link your Aadhaar card to your Permanent Account Number (PAN) your returns maybe processed faster and hence a quick income tax refund.
This is because, you will not have to send your ITR-V to the CPC Bangalore by post, as the Aadhaar card will be used for verification purpose. You will also not have to worry, if your ITR-V has reached the central processing office in Bangalore. This will cut time and ensure a quick income tax refund.
3) Opt for ECS in place of cheque
If you opt for Electronic Credit facility, the amount would be transferred quickly into your bank account. Or else, you may end-up having to receive the cheque and than deposit in the account. If your house in locked and the cheque returned to the Income Tax Department, the process of seeking a refund again, could once again involve a lot of time.
It's therefore best if you opt for an ECS.
4) Make sure all details are correct
In the first instance, if you want an income tax refund quickly, you have to make sure that you file your income tax returns correctly. If the returns are not filed correctly, the authorities would call you and seek clarification. This would delay the refund.
On the other hand, if returns are filed correctly and there are other mistakes, it could complicate matters again. For example, if you have given an incorrect bank details for crediting through the ECS mechanism, it could take months again to get a refund.
5) File your income tax returns early
Do not wait for the final deadline of July 31, to file your income tax returns. If you want your inocme tax refund quickly, file the returns early. Avoid last minute hassles. It also allows you to modify the returns, if there is a mistake.
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