Filed your income tax return (ITR) and desperately waiting for the income tax refund? Your income tax refund could take a while, coming. Relax....You will get the income tax refund after it is processed by the income tax department. Tax refunds may get delayed for different reasons. Let's take a look at some of the common reasons for a delay in the income tax refund.
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If you are guilty of filing ITR late, you will find yourself at the bottom of the list, when it comes to income tax refunds. So, if you want your IT refunds fast, be an early bird. The earlier you file income tax returns, faster would be the refunds.
Filing ITR is all about accuracy and attention to detail. If there are inaccuracies or you make mistakes when filing ITR, you will face a delay in income tax refunds. You would be forced to re-file your income tax returns, which is a waste of precious time.
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You must always compare the details in your income tax return, with the Form 26AS. You can access the Form 26AS from the income tax website, by using your PAN.
If taxes have been deducted from your income, the details are stored in the income tax database. In the Form 26AS, you will see the details of your income on which tax has been deducted, and also the taxes that have been paid by you or on your behalf by the employer/bank.
If your employer has not given the proper details or there were mistakes committed by the income tax department, there could be a mismatch in TDS and a delay in income tax refunds.
If your income is above Rs 5 lakhs a year, then e-filing is compulsory. If you are a super senior citizen or earn less than Rs 5 Lakhs a year, chances are you may file paper returns. Your refunds get processed slower than those who have chosen to e-file tax returns. E-Filing = Speedy processing of refunds.
With technology available to you, e-verification of ITR-V is quite easy. You don't need to post ITR-V to Bengaluru Income Tax Office. But, if you have chosen to post the ITR-V, or you have delayed posting the ITR-V, chances are your income tax refund would be delayed.
If your refunds have not arrived, there's no need to panic. Just avoid the common causes of income tax refund delays. Be Wise, Get Rich.
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