After the income
tax department has extended the deadline to 31st August from 31st July ‘19’,
the taxpayers have now adequate time to file their returns. Reportedly, the extension
notice came as a relief for individuals who have been facing multiple snags
while filing returns. Meanwhile, as per some tax professionals, the Tax
Department has examined and understood the hassle that taxpayers were facing
some issues while filing ITR due to changes in the ITR form, utility software,
late issuance of form 16 reason because of the extension in Corporate TDS
Return filing deadline to June 30, 19 and others.
With the
extension in ITR filing, there is no pressure on
tax assessee. But this time, the taxpayers should act attentively while filing
returns. Likewise, all the information needs to be properly filled so that any
legal consequences can be evaded. Avoiding so can land you in trouble and you
can get a notice from the income tax department for many reasons. These could
include not filing income tax return (ITR) on time, calculation errors, not
reporting income correctly or even claiming excessive losses. The move by the
tax authority is part of an effort to reduce vagueness in filing returns and to
make assessment easier by taking accurate details.
How to claim Income Tax Refund?
Here are the
steps with the help of which you can claim income tax refund-
·
The first step is to file your
income tax return by log-in to income tax e-filing website.
·
After successfully login-in, you
will get acknowledgement number for filing the return online with the digital
signature.
·
Income Tax Department will
check and process the refund, if any.
·
Mode of payment of refund will
be created on the details submitted by you in income tax return file.
·
It can be through ECS
(electronic clearing system) or through demand draft /cheque.
·
If you choose to get the refund
credit through ECS, it’s important to provide all the necessary details such as
bank account number, bank branch and IFSC code appropriately in the income tax
return file.
·
If you choose to receive the
refund through demand draft or cheque, it will be sent to your address which
you’ve mentioned in the ITR file.
·
Generally, it takes about 3-6
months to get the refund from the date of e-filing of income tax return.
·
In case youhave paid in excess,
then the extra amount paid has to be claimed as refund separately.
·
It’s important to ensure that
the excess tax paid reflects in your Tax credit statement Form 26AS to get the
tax refund.
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