Reasons why you failed to get your refund on time, Best Taxsaving Plans In india, best financial Planing in india,
Reasons why you failed to get your refund on time, Best Taxsaving Plans In india, best financial Planing in india,

Every action has a reaction. When your action is positive the results also tend to be the same. Sometimes we miscalculate certain aspects intentionally or unintentionally which causes tremendous stress to us. Money is one aspect that acts as the root cause of the stress most of us experience. Particularly when we know that we have committed a mistake pertaining to filing tax, we are worried we are losing money on that front. Getting refund is then the only solution. Let us look at some reasons which may delay getting refund on time.

  • Filling in wrong data

Despite the fact that Income Tax filing is done every year, filling in the columns with incorrect data tends to delay the process of refund. Filling the ITR form with incorrect data may make you file a fresh form or correct the mistakes before the stipulated period. Even if the mistakes are simple ones they delay the Refund process in the most efficient manner

  • Dependency on factors not under control

Sending the Income Tax Returns papers to the CPC, Income Tax Department located in Bangalore through postal services may cause delay due to factors not under your control ,Try to Everify Your Return instead of sending to Bangalore for seamless Processing of ITR. Right from natural calamities to losing the papers midway, the CPC may not receive your papers at all. This may result in non-issue or late issue of the Refund instructions by the Income Tax Department.

  • Filing Income Tax Returns late

Filing your tax returns on time is absolutely crucial. Most of us procrastinate to file our Tax returns for the previous fiscal year till the last minute, Then we rush to file the same. Everything clubbed together, your refund gets delayed and we whine about the same. There is no use in complaining about receiving the refund late since it was our mistake to have filed the Tax returns in the last minute. Avoid postponing your tax return filing activity till the last date (usually it is 31st of July every year). Learn to file your tax returns online much earlier than the stipulated time so you get your refund also on time without much delay.

  • Possibility of TDS mismatch

Mismatch between the TDS details you submitted and the ones received by the Income Tax Department through various sources can lead to late refund. For instance, your Employer may have provided some data that mismatches with what you submitted while filing your Tax returns. Sometimes, the data that the Income Tax Department has pertaining to your account may mismatch with information received through your ITR Form or Form 16 generated by your Employer. Such mismatches also lead to delayed refund processing. 

Ensure you file your Tax Returns well before the stipulated time frame given by the Income Tax Department. Ensure you provide correct information in all the columns you fill in when you file your returns. Ask for professional help if required which will make you file your tax returns in the perfect manner. This will speed up the refund process, if any.

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