ITR Refund- Big news for taxpayers. If you have paid your income tax but its refund has not come yet, then this news can prove to be useful for you. After filing Income Tax Return ( ITR ), most people first wait for tax refund. But many times, despite filing ITR on time, the refund does not come in the account. Actually, there are some common mistakes behind this, which people often ignore. If you avoid these mistakes, then you can get your refund quickly.
E-verification has to be done within 30 days
When you file your income tax return online, it is necessary to verify it. This verification has to be completed within 30 days of filing the return. If this process is not completed on time, then your return will be considered invalid. This means that even if you have filed the tax return, the department will not validate it until it gets confirmation that the return has been filed by you.
1. Claiming the wrong tax deduction
If you have claimed exemptions like HRA, Section 80C or medical insurance but do not have proof, the Income Tax Department can withhold your refund. The department can also send a notice for fake or undocumented claims.
2. Difference between AIS and ITR
Annual Information Statement (AIS) contains details of interest, dividend and income. If there is a big difference between ITR and AIS, then the refund may get stuck. Therefore it is necessary to match both.
3. Mismatch of TDS details
If TDS (Tax Deducted at Source) is shown in your Form 26AS or AIS, but the company or client has not deposited the tax, then you will not get the benefit. This problem is often faced by freelancers and contract workers.
4. Bank account not verified
Tax refund comes only in that bank account which is linked and e-verified on the income tax portal. If the account is not updated, the refund may fail. Therefore, login to the portal and check the account status.