How to get Income Tax Refund Quickly?
- CA Dhruv Anand
Many of us
are facing Liquidity Crunch due to the on going Pandemic. Amid all this, there is good
news for taxpayers.
Due to COVID-19 pandemic, many of us are trying to secure enough
liquidity. Amid all this, there is good news for taxpayers. The Income Tax
Department has taken a step to help all taxpayers. The department
issued a notice which effectively, paves way for an immediate tax refund up
to Rs 5 lakh. Almost 14 lakh taxpayers in India will be benefited by this.
The I-T department has sent e-mails to 1.72 lakh assessees, including
start-ups, companies and individuals, who have outstanding tax demands. The
department has asked them to provide an update on the payment. The department
has made it clear that e-mails have been sent to 1.72 lakh assesses only to
ascertain the tax refund that it has to make to them.
The department, in its statement, said that it has issued 'almost 14 lakh
refunds & are in the process of issuing more refunds, but need tax payers
help in clearing what’s pending from their side. A reminder email has been
sent to all taxpayers, stating to respond it at the earliest so that they can
receive the refund easily’.
There are many who have got tax refunds and others who have not. And they
are confused as to how get the refund.
Don’t worry; we will guide you as how to get the tax refund
quickly.
Just follow these steps and get your tax refund:
1.
Login
to the Incometaxindiaefiling.gov.in website
with your e-log in ID and password (by using PAN card as your user ID)
2.
Click
on 'My Account’ tab and then go the menu ‘e-file’
3.
Click
‘Response to outstanding tax demand’. The details will be displayed on your
computer screen.
4.
You
will see what's pending and status of your demand. Click on the ‘submit’
option as per the options displayed on your screen.
5.
Click
on any of the options according to your status. These options are : (i)
Demand is correct (ii) Demand is partially incorrect (iii) Disagree with
demand and last option (iv) Demand is not correct but agree for adjustment.
6.
Click
on the options according to your need and demand by filling all the details.
The refund will credited in your account.
7.
If
not, then check your emails and respond to all emails sent to you by IT
department immediately, in order to get the tax refund quickly.
What to do when your refund is rejected or not
processed?
1.
Contact
the Income Tax assessing office as soon as possible.
2.
Submit
correct documents and proofs as per Income Tax requirement
3.
One
can also contact via phone or internet and can collect acknowledgement
from the IT dept.
4.
If
your outstanding tax is due then you might get notice from the IT
dept in order to let you clear your dues and rectify all faults and
provide proofs of investments.
5.
Check
your salary tax slabs and then apply for tax refund. This could be a reason
that you are not receiving the refund and claim
6.
Check
all your bank details and credentials twice. Wrong bank account details may
lead you in a problem. Inform the IT department about any changes associated
to your bank details.
7.
You
must ensure that within 120 days of e-filing your tax you have sent the
ITR-V form to the Bengaluru- CPC office. Check this.
8.
You
can also revise your return and process for the new e-filing form to get a
correct refund.
9.
If
you've done everything correctly but still haven’t got the refund,
it may be that delay from the bank has resulted in you not getting the
refund. Do check with your bank
10. Try to e-file your tax return in order to receive
the return easily. Avoid paperwork and physical tax filing system as much as
possible.
If you are still confused about the process of tax refund, then do
take help from any chartered accountant or tax expert to get the
tax refund quickly.
|
|
CA Dhruv Anand
Mobile - 8130782695, 8383824051
Email - dhruvanand02@gmail.com
No comments:
Post a Comment