ITR Filing: If the amount deducted as income tax from your salary is more, then you will get a refund from the Income Tax Department. This time the last date for filing Income Tax Return (ITR) has been fixed as July 31, 2023.
It is necessary to file your ITR to disclose income, liabilities and investments. On the basis of that, tax liability is made on you. While filing ITR, it is important to claim maximum tax refund as per the prescribed norms. Let us tell you some such information, which you should keep in mind while filing ITR. With this, maximum refund will come in your account.
Submit ITR on time
In any work, it is necessary to take care of the time limit. This time the last date for filing ITR is 31 July. By filing ITR before 31st July, you will be saved from penalty and you will also get maximum refund in time. According to the data released by the Income Tax Department, this time so far more ITRs have been filed than last year.
Selection of the right tax regime
Union Finance Minister Nirmala Sitharaman announced the new tax regime during the budget speech on 1 February 2023. Giving information, the Finance Minister had said that taxpayers should select the regime under which they want to file their ITR. It is important for you to select the right tax regime, on the basis of which you will get refund.
Verify return
Its verification is necessary within 30 days of filing the income tax return. If your return is not verified then it will be treated as invalid. Also, after the time limit is over, the taxpayer will have to file a new ITR. Hence it is important that you verify your return immediately to ensure smooth processing of your refund.
Claim deduction
You are eligible for deduction on Public Provident Fund (PPF), National Savings Certificate (NSC), National Pension Scheme (NPS), life insurance-medical insurance premium and home loan interest. You should claim it for maximum refund. You are advised to identify all deductions and exemptions other than those shown in Form 16. Also, match your data to avoid any mistake.
Valid bank account
You need to verify the bank account and ensure that it is correctly verified on the Income Tax Filing e-portal. Refund is transferred by the Income Tax Department only to the valid bank account on its portal. Verify bank account to get tax refund without any hassle. In this way, you can take advantage of maximum income tax refund.
