Home Lifestyle 7 Useful Tips for Income Tax Refund

7 Useful Tips for Income Tax Refund

-

When the tax season is right around the corner, Income Tax Refund filing becomes mandatory, yet a very cumbersome process, which the assesse should carry out, abiding all the right procedures. Owing to the lack of basic know-how, the basic and simple process turns into a tedious task. One should always keep in mind that whatever they are getting in a refund, or paying owed taxes, their wallet is going to get affected. It is a very common practice amongst most of the individuals, that when they receive the mail tagged ‘Important Tax Document’, they keep in aside for their accountants!

There is a certain important aspect that we should all be aware of the Income Tax Refund. A handful of useful tips are provided below so that one can become very well acquainted with the whole procedure.

7 user-friendly tips to make the filing for Income Tax Refund a lot simpler-

Income Tax Refund

1. Identification of the accurate ITR form:

One should try to find out the accurate ITR form, that is based on the personalized case and fill it with the right information. you can check forms in incometaxindiaefiling.gov.in

2. Return with no enclosures

In accordance with Rule 12 (2) of Income Tax Refund, it is stated that the return concerning income and fringe benefits should be provided by the assessors in Form No ITR -1 – 6. The ITR – 8 forms should not be deposited along with the statement focussing on the calculation of the total payable tax, as based on the return, income tax proofs, claimed deductions, advanced tax or self-assessment tax, claiming that the assessee has paid the same. If any other form or documents, like a form or report of the audit that should also be enclosed, with the income return or fringe benefit return.

3. Right Account number and contact details should be filled

For the on-time delivery of funds, it is mandatory to fill in the right account number and contact details. With the implementation of the new rule, the Income Tax Refund will get deposited directly to the assessor’s bank account, and this is for the major metropolis in India. Hence, this makes the taxpayer to be very prompt in providing with the bank account and contact details. If any taxpayer has chosen ECS, then their amount will get directly refunded to their bank account, and for this the correct MICR code and the bank details should be provided, when the return is filed.

4. Choose the right way to file an ITR

On initial days, two idyllic methods were used to file the ITR. Mostly it was done via a certificate which was digitally signed, followed by sending the tax return, in person, to the centralized processing center of the IT-Dept. But, in recent times, things have become much easier. One can even e-verify their returns over the Electronic Verification Code (EVC). By the aid of Aadhar card, Net banking or else via DEMAT account of the assesse, this can be produced.

5. Acknowledgment slip to be filled-in

While the assesse is filling-in the IT return in paper format, he should always fill-in the acknowledgment slip, as attached with it. Nowadays, the new ITR forms do not require to be filled-in separately.

6. Indication of meting out u/s 143 (1)

The receiving of the refund is taken as the indicator of processing done under 143 (1). The taxpayer will not be getting any separate indicator unless demand or refund arises. If demand rises, the taxpayer has 30 days in hand, from the date of receipt, to fulfil the demand. The IT department has all the right to pursue a suitable action if the demand is not meted out on-time.

7. ITR can be filed through Income Tax Preparers

Abiding by the income tax act, the members and individuals of HUFs are not asked to get their account audited. They can instead use the TRP method for filing their return. But then, one important to be noted here is that the assesse cannot avail the TRP services. If he/she is not a resident of India (all through the previous year of assessment). A token amount is charged by the tax return preparers from the assessed for preparing and filling-in the income return, for that specific year of assessment.

There are quite a few facts and tips that one should know while filing an Income Tax Refund. To make your ITR filing much simpler, it is wise to keep the following documents handy –

Few tips one should be knowing while filing an Income Tax Refund. In order to make the ITR much simpler, it is thus advisable to keep the documents handy-

• Individual PAN Card

• Individual Aadhaar Card

• Get hold of Form 16 (the present company employed)

• Form 26AS to be ready

• Investment proofs to be compiled

• All bank statements to be downloaded

• Always save the details of the owned asset

There are sure things which every single individual need to remember while filling income tax refund form. On the off chance that you are filling your personal income tax refund form, before the due date, at that point, you get an opportunity to change or document an adjusted return if there should arise an occurrence of missteps else you will be in a bad position and cannot overhaul your annual assessment form.

Arpita Chatterjee
Arpita Chatterjee
I am a Research Scholar under Nagpur University (RTMNU) and myarea of research is focusing on Canadian Literature. The purpose of myresearch are the Strategies of Survival and Politics of Gender of the femaleprotagonists of Margaret Atwood’s Novels. Along with that, I am at presenta free-lancer, into content writing and blogging. I worked as a Lecturer inEnglish at several colleges in and around India, namely Hislop College(Nagpur), Jain College (Belguam, Karnataka), Bhavan’s Vivekananda College(Secunderabad) I am a voracious reader and an avid pet-lover

Leave a Reply

5,062FansLike
1,054FollowersFollow
173FollowersFollow
3,270FollowersFollow

Latest Post

Popular Post