Income Tax Return Refund: What You Must Keep In Mind – News18

While filing the Income Tax Returns, taxpayers need to mention every detail of their income. Once a year, taxpayers have to submit their tax returns to the government mentioning their earnings, deductions, and tax liability. It allows the taxpayers to calculate the tax due amount to the government.

According to experts, it is always suggested to keep these points in mind to get back your returns quickly, then others have to wait.

Revalidate bank details: You should always validate the details of your bank account, IFSC code, holder name, etc. This will make it easier to process the tax refund.

It is also suggested to check and update your phone number and email ID and check the spelling of your name, address, and other information provided. Information should be accurate and error-free. If the information provided consists of any mistake this will lead to a delay in your refund.

Difference between TDS/TCS: You should always reconcile any difference on these accounts. If there is any difference it leads to a lower refund rate. The details of TDS and TCS should be rechecked. While filling out the form, it is also suggested to check your 26AS form as the information in both forms need to match. Otherwise, you might have to pay more tax.

TDS is Tax Deducted at Source is the sum amount that is deducted from your income like salary, rent, etc., Tax Collection at Source (TCS) is an additional amount that is collected from the buyer at the time of sale (sale-scale set by the government).

Adjustments from the previous year: The authorities might adjust the refund of the current year from the previous year’s outstanding demand. You need to keep track of intimidations issued by the government.

Mention the gifts: Other than gifts received on marriage, you need to mention gifts exceeding Rs.50,000 received even during festivals, or birthdays in your return form. If it is not mentioned then you might not receive the refund from the government. If you try to hide the information you will receive a notice seeking an answer for the misinformation.

Additionally, if you have a foreign bank account you need to give the information about it in your return form. Even if you have invested in foreign stocks you are required to put the information about it. You have to provide this information in ITR 2 form.

ITR 2 forms is a return form for those taxpayers who are not having income or profit from any business or profession. It includes income from foreign incomes, capital gains, or agricultural income.