Refund delays happen when Income Tax returns are filed with wrong details or in a delayed manner. Income Tax Assessees who procrastinate filing Tax Returns on time or in advance does not have the patience to wait till the refund is made. Waiting for refund costs a fortune in terms of money also for the Assessee. He is forced to shell out money out of his pocket in order to push the refund process in appropriate angles. Let us look at some aspects that delay the Income Tax refund process.
- It is important the every Income Tax Assessee understands about the factors that leads to a Refund. One of the main aspects that lead to Tax refund is not declaring about the investments made by the Assessee to the Employer in a complete manner. When you submit all relevant proofs like bills and receipts to your Employer on time, your Employer will be able to arrive at the exact TDS amounts to be deducted from your salary. This will result in deduction of appropriate tax amounts instead of excess ones.
- Many a times it so happens that the Income Tax Assessee submits all the paper proof on time to his Employer. This, for sure, helps Employers generate Form 16 in the most accurate manner. However, if the submitted proofs fail to encompass important aspects required for generating a perfect Form 16, on time submission is of no use. For instance, if the Income Tax Assessee submits Rent Receipts for the house he dwells on time but fails to provide the PAN number and other relevant details of his landlord, the proof he submits is considered incomplete. This is the same with all other investment proof if the same fails to have a time stamp on it. This is mainly because, the landlord’s PAN details and the time stamp in the investment documents acts as the basic cross checking points of reference for proper tax filing.
Sometimes, as rare happenings, even if you do not fall in the Income Tax bracket TDS is Deducted in Investments These may lead to refunds. You can avoid delay in getting refunds in such cases by filing your returns online Ensure you provide the correct Bank details pertaining to the Account number, Bank name and branch code so you get your refund in the shortest time period possible.
To summarize, file your Income Tax Returns on time,providing correct details to your Employer and when your file the same online. This will enable process tax refunds without delays.