The last date for filing Income Tax Return (ITR) is 31 July. Many times taxpayers end up paying more tax than their tax liability. In such a situation, the Income Tax Department returns the extra amount to them.
This is called refund. The department sends this money to the taxpayer’s bank account. To make its process transparent and easy, the Income Tax Department has made the entire process online. This has significantly reduced the time taken for processing refunds. However, the receipt of refund in the bank account of taxpayers depends on many factors. Let us know about this in detail.
Check all the details
The information that taxpayers give in ITR is very important. If any information is incorrect, there may be a delay in the refund process. Taxpayers generally make mistakes in reporting income, deductions and tax paid. That’s why it is necessary to double-check all the information before submitting ITR. Many times taxpayers make a mistake in giving the correct details of their bank account. Due to this, there is a delay in getting the refund money in the account. If you have more than one account, then you have to clearly tell in which account you want to get the refund money.
Processing of more returns affects
The IT department starts processing the refund after the verification process of ITR is complete. After verifying the ITR of the taxpayer, the department examines the return. If everything is found correct, he starts the process of refund. The time taken to get the money into the account depends on whether the ITR is simple or complex. Apart from this, the number of ITRs processed by the department also affects the time taken to receive the refund.
Benefits of online returns
E-filing of ITR takes less time than paper filing. That is why the Income Tax Department advises taxpayers to file returns online. This speeds up the processing of refunds. Filing ITR online reduces the scope of mistakes in it. Because of this, there is no delay in getting the refund money in the taxpayer’s account. Online return filing has become mandatory for most of the taxpayers.
Verification of ITR is also necessary
Merely filing income tax return is not enough. It is also necessary to verify it. You can also verify your return by sending a copy of Aadhaar OTP or ITI-V to the Centralized Processing Center located in Bengaluru. The department will process the refund only if the verification process is found correct.
