ITR Filing: The last date for filing ITR for the financial year 2023-24 and assessment year 2024-25 is 31 July 2024. If you want maximum tax refund, then the strategies mentioned here will prove to be effective for you.
ITR Filing: The last date for filing ITR for the financial year 2023-24 and assessment year 2024-25 is 31 July 2024. For salaried persons, their company or employer must have issued Form 16 or it will be done soon. When Form 16 is available, they will easily file income tax return. If you are preparing to file your ITR and you are entitled to income tax refund on the basis of tax already paid. If you want to get maximum of it, then the strategies mentioned here can prove to be effective. Section 237 of the Income Tax Act allows a taxpayer to claim a refund of income tax paid.
Avail deductions and exemptions
Every taxpayer should try to minimize his tax liability by claiming all available deductions and exemptions while filing his income tax return. However, the amount of such deduction or exemption should be correctly calculated after considering the tax regime, residential status, etc.
Match Form 26AS/AIS/TIS
The main reason for issuing income tax refund is the additional tax paid on account of TDS and TCS. Thus, any difference in the amount of TDS and TCS as per the records of the revenue authorities and the records of the taxpayer may result in a lower refund to the taxpayer. Therefore, taxpayers who detect any difference between Form 26AS and AIS should provide feedback on the portal to correct the error in AIS and in case of error in Form 26AS, taxpayers should inform the deductor about the difference and request him to correct the errors and omissions on his part.
Keep an eye on every Income Tax information
Check for any adjustment of refund against any outstanding demand of any previous financial year. Revenue officials often adjust refund for the current year against the outstanding demand of the previous year. Thus, taxpayers should keep an eye on any information issued under section 245 of the Income Tax Act for information on any such refund adjustment.
E-verify income tax returns on time
Income tax returns which are not verified within the prescribed time will be considered invalid. Since e-verification is the most convenient and quickest way to verify tax returns, taxpayers should e-verify tax returns within 30 days from the date of furnishing the return. Alternatively, income tax return verification can also be done by sending a copy of ITR-V to CPC Bangalore.
Re-verification of Bank Account Details
To receive income tax refund, taxpayers need to pre-verify their bank accounts using their name, mobile number and PAN. Also, taxpayers should ensure that the bank details (such as account number, IFSC code) are provided correctly while furnishing income tax returns.
