Income Tax Refund Rule: The process of filing Income Tax Return (ITR) is going on fast. So far, about 3 crore people have filled the returns. Some of them have got refund money back, while many people are waiting for it. If you also want to get quick returns, then remember 5 important rules.
The most important and first rule of filing returns is that you have to fill your details correctly in the ITR form. While filling the form, keep in mind that the spelling of your name, address, email and phone number etc. information should be absolutely correct. It would also be better to mix its spelling.
If there is a mistake in the spelling of the phone number or name, then there may be a delay in getting your refund. Enter the mobile number which is linked with your bank account, so that you can receive SMS related to return or refund from the Income Tax Department and you can get timely information.
To get the refund quickly, it is necessary to get your bank account validated (verified) in advance. If your refund is made after filing the return (ITR), then the Income Tax Department sends the money to your bank account only. If your bank account is not already valid then there may be a delay in getting the refund.
The details of TAN of TDS deducted by the company should also be filled correctly in its return form. That is why the 26AS form should also be checked for the return, so that the correct information of TDS and TCS can be mixed in the return form. It is necessary to match it while filing the return, because if there is a slight mistake, you may have to pay more tax.
By the way, you fill the general information, but if you have an account in a foreign bank, then it is necessary to give its information in the return form. Do not think that if you have an account with a foreign bank, then it is not necessary to give its information here. Apart from this, even if you have invested in foreign markets, you will have to give this information in ITR 2 form.
Apart from marriage and other celebrations, it is also necessary to fill the information about gifts received on festivals and birthdays in your return form. If you have received a gift of more than 50 thousand rupees, then you cannot hide its information. Even if you do not give this information in the return, but the Income Tax Department will know. If the information is hidden, then the department will not give you refund and will ask for answer by sending a notice, so different.
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