HOw to get ur refund early
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GUIDELINES GIVEN BY PALASH RAKSHIT FOR TAX REFUND & How to ensure a timely receipt OF THAT ".
There could be Several Reasons for delays in tax refunds :-
1) If the amount you claim as taxes paid does not match with Form 26AS.
2) ITR-V generated upon filing of the tax return has to be signed and NOT delivered to the CPC within the prescribed time period. The tax return is considered not filed until the ITR-V reaches the CPC.
3) Wrong MICR CODE.
4) Technical problems at the department.
5) Wrong Bank A/c Details.
Once the return is filed, the Income tax department verifies the information and process the return. If any excess tax is paid, the same will be granted to the tax payer as refund. Then, the refund amount will be credited to your bank account through the electronic clearing system (ECS). Status of refunds, can also be viewed at www.tin-nsdl.com by entering the 'PAN' and 'Assessment Year'.Individual taxpayers can also send emails to itro@sbi.co.in or refunds@incometaxindia.gov.in for any refund related queries.
Important points for a faster refund:-
1) Check 26AS First , Print out the total details & Put exact amount of TDS, TCS, SELF-ASSESSMENT TAX AS 26AS shows INTO ITR FORMS.
2) Provide permanent mailing address where refund has opted through cheque.
3) Submission of ITR-V within the prescribed time.
4) Ensure accurate bank account details are mentioned in the tax return, like bank account number, MICR code FOR ECS facility Purpose.
5) Other details in the tax return, like PAN, name, assessment year .
IT Dept. is taking various steps to reduce the processing time of tax refunds , also, the tax payers should ensure that accurate details are mentioned in the tax returns to avoid any delays resulting from their end and also to receive refunds on time.
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