Income Tax Refund: These tips will help you get income tax refund quicker
While the process of receiving your income tax refund is governed by certain procedures, there are several proactive steps you can take to expedite the refund. The Income Tax Department will initiate the refund after processing of your ITR.
Nearly 6.77 crore Income Tax Returns (ITRs) were filed for the Assessment Year (AY) 2023-24 by the July 31 deadline, according to the government data. As the Income Tax Department is processing the ITRs the taxpayers are eagerly now waiting for refunds.
Once the ITR is processed the tax officials will initiate the refund. While the process of receiving your income tax refund is governed by certain procedures, there are several proactive steps you can take to expedite the refund process and ensure a quicker turnaround.
Here’s a comprehensive guide to help you secure your income tax refund more efficiently.
Accurate Filing is Key
The foundation for a swift income tax refund lies in ensuring the accuracy of your tax return. Carefully review your financial documents, deductions, and credits before filing. Inaccuracies can lead to processing delays, requiring you to provide additional documentation or corrections.
Opting for e-filing rather than traditional paper filing is one of the most effective ways to expedite your income tax refund. E-filing not only reduces the chances of errors, but also reduces the processing time. Many tax-filing platforms offer step-by-step guidance and built-in error checks, further enhancing accuracy and speed.
Filing your income tax return early can significantly speed up the refund process. As tax season progresses, tax authorities may experience higher volumes of returns, leading to potential delays. Filing ahead of the deadline increases the likelihood of your return being processed early.
Choose direct deposit
Opt for direct deposit of your income tax refund into your bank account. Direct deposit ensures that your refund is deposited directly into your account, often within a few weeks of filing.
If you opt for direct deposit, ensure that you provide accurate and up-to-date bank account details. Any errors in bank information can result in delays or even the rejection of your refund.
Monitor refund status
The Income Tax Department provides online tools that allow you to track the status of your refund. Regularly check the status using the provided tool to stay informed about the progress of your refund.
If you receive any notices or correspondence from tax authorities, address them promptly. Ignoring or delaying responses to these notices can lead to further delays in processing your refund.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
03:11 PM IST