ITR Filing: Claiming Excess Tax Paid As Refund-Note These Points

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    There can be cases when you forget to claim for one or the other deductions that you can benefit from or say fail to produce some other investment proofs to your employers and hence were required to pay higher taxes then. Nonetheless, to rescue from such wrong inputs made, income tax through the income tax return filing process allows the taxpayer to make claim for the excess taxes paid as refund. However, you need to note these points such that the right amount as refund which the government owes to you gets credited back to you in due time without any more hassle.

    ITR Filing: Claiming Excess Tax Paid As Refund-Note These Points
     

    The deadline to file the ITR has been extended from the erstwhile July 31st deadline by one month to August 31st. And now with just 5 days to go, you need to do the task at the earliest:

    1. File ITR at the earliest: The ITR filing if done at an early date make you eligible to get any interest payments on the refund amount. Also, if claimed at a later date, it will take a longer time for processing as upon receiving the verified return, the department first assesses the filed return and when there exist no discrepancy as per the records of the department issues the refund.

    Also read Terms that you should relating to ITR refund.

    2. Claim refund due to you: If you do not find versatile enough to take on the responsibility of filing ITR, it shall be in your interest to seek the help of some professional or intermediary to help you file your return for the FY. As with his or help, you can acquaint yourself of the different deductions available to you taking into consideration different investments and expenses

    3. For faster e-processing of refund, verify ITR electronically: The ITR filing or claim of refund made is not complete until you send the ITR-V or acknowledgment in response to the ITR filed to the CPC department. However, if you wish to get the refund processed sooner, you can use other online ways of verifying the return such as the aadhaar based OTP etc.

     

    4. Avoid making mistakes during e-filing return: In case mistakes are found out by the department, it will make a call to rectify the return and hence file a revised return. So at the best, make all attempts to cross-check that the filed return is accurate in all respects, as else you will have to wait for a longer time to get your refund amount processed.

    5. Check refund status: Also using the Know your refund status link on your e-filing portal, you can know about the status of your refund. And in case of pendency, you may also know of the likely reason for the same. Following which you can take the necessary action.

    Also remember to quote the correct bank account details with the right IFSC and bank branch details.

    Goodreturns.in

    Read more about: itr filing refund
    Story first published: Monday, August 27, 2018, 13:47 [IST]
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