Getting IT refunds quickly

Finally, the time to file income tax return(ITR) for the financial year 2017-18 has arrived. If you are a salaried person and your employer has deducted excess tax from your salary by way of tax deducted at source (TDS) or if some of your tax saving investments have not been taken into account while computing TDS, you would be eligible for a refund of the excess tax paid by you.

If you have filled up all the details correctly and followed the tax filing process scrupulously, then you should get your tax refund within 2-3 months or earlier. It is absolutely necessary to make sure that every bit of information provided in the ITR is correct and the process of filing ITR is duly followed to avoid delay in getting a refund. But if there are any errors or omissions or procedural lapses in filing your ITR, the refund may get delayed. Let’s now look at the types of errors and omissions that can delay your tax refund.

Incorrect ITR Form: If you fill up and submit the wrong ITR form, the IT department will not be able to process your tax return and your refund will get delayed.

Typo errors: If there are any spelling mistakes or incorrect PAN or residential address, the processing of refund is bound to get delayed.

Incorrect computation of tax: If the calculation of the tax is incorrect, the tax refund will get delayed.

Delay in submission or non-submission of ITR-V or e-verification: If you delay the submission of ITR-V or e-verification or fail to submit it, there will be a delay in processing of your tax refund.

Non-submission of annexures: You need to submit annexures along with your tax return for claiming deductions or exemptions for your arrears received, rent paid, etc. If these annexures are not submitted, your tax refund will get delayed.

Last minute filing: If you join the hordes of taxpayers who file ITR at the last moment, you and the latecomers add up to the load of the IT department, thereby causing a delay in refund processing. So file your IT returns well before the due date.

Incorrect or insufficient bank details: If the details of your bank account are incorrect or insufficient, the IT department will not be able to credit the refund amount to your bank account.

So, to get your tax refund quickly, make sure you avoid all the above errors and omissions.