Income Tax Returns: The refund amount is calculated at the time of filing ITR and after processing by the tax authorities, it is deposited in the prescribed account. Learn here easy ways to get maximum refund…
Income Tax Returns: The deadline for filing ITR is 31 July 2023. Get this important work done as soon as possible. The Income Tax Department has also tweeted and asked to file ITR on time. At the same time, such taxpayers who have paid more tax than their financial liability are eligible for refund.
According to experts, it is a misconception that one cannot save tax more than the amount shown in Form 16. Form 16 is not the only source of potential savings. Before filing return check income details with 26AS, Annual Information Statement i.e. AIS and Taxpayer Information Summary i.e. TIS whether tax deducted at source is reflected in 26AS, so that TDS can be claimed against tax liability, if required Could
Here are 5 easy ways to get maximum refund
1. Fill ITR on time
It is important to file your return on time to avoid penalty. At the same time, it is also the easiest way to get maximum refund. The taxpayer has to submit the return form by the date prescribed under section 139(1) of the IT Act.
2. Choose the right tax regime
Taxpayers while filing their ITR choose the tax regime that suits your needs. If you do not have substantial long term investments like PPF, insurance policies or equity linked savings schemes, eligible tax deductions like interest on home loan or health insurance, the new tax regime may apply.
3. Verify your e-return
Tax returns have to be verified within 30 days of filing ITR. Failure to do so will be considered invalid and the taxpayer will have to submit ITR again.
Tax return can be e-verified through OTP sent to mobile number linked to Aadhaar, EVC through net banking, bank account and EVC from bank ATM.
4. Claim of deduction and exemption
Taxpayers should identify the deductions and exemptions they can claim. This amount reduces the taxable income and increases the refund. PPF, NSC, NPS, life and health insurance premium and interest on home loan are eligible for standard deduction.
A person should not take into account the deductions shown only in Form 16. He might have incurred several tax-saving expenses which are not reflected in Form 16, like children’s school tuition fees etc.
5. It is necessary to verify the account before filing the return
Verify your bank account and ensure that it is correctly verified on the Income Tax Return Portal. The verification process is necessary as the authorities credit refunds only to valid accounts on the e-filing portal.
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