The last date for filing income tax return is near. If you have not paid tax till now, then fill it as soon as possible.
If you have not yet filed ITR return, then do it soon. The deadline for filing ITR returns without fine or penalty is ending on 31 July. If you have paid any extra tax during this period, you can claim refund at the time of ITR filing. Let us tell you, if your tax is more than the liability then you are entitled to get refund at the time of ITR filing and can claim extra tax refund.
However, for this, while filing income tax return, you have to attach some documents to show that how much tax you are entitled to pay and how much extra money is being spent from your pocket. Let us tell you how you can get refund.
File returns on time to avoid penalty and interest
First of all, if you want tax refund, then it is very important to file ITR on time. If you do not file ITR on time, you may have to pay heavy penalty and interest for filing belated income tax return. Also, you should select such tax slab which is better for you. Let us tell you, the government has brought a new tax slab in the budget this year.
Under which people’s income up to 7 lakhs is tax free. In such a situation, you should choose a better tax slab for you. Apart from this, also fill your bank account details correctly so that you do not have any problem in getting the refund.
Verify within 30 days of filing ITR
After filing income tax return, you have to verify it within 30 days. If you do not verify your details then it will become invalid. On the other hand, if the deadline for ITR filing is not over, then you can file a new ITR. If the deadline is over then you cannot file ITR return for that financial year.
Avail exemption under Income Tax Sections
To save more tax during ITR filing, you can save tax under many sections under the Income Tax Act. In this, you can avoid tax liability in many ways including PF, PPF, NPS, Life Insurance, Home Loan, Mutual Fund. Along with this, the amount paid extra tax can also be refunded.
