August 10, 2015

10 ways to get your Income Tax Refund quickly

It is tax filing time for all individuals. Once you file the tax then the next step is to look for getting Income Tax Refund at the earliest. Hence, in this post I will try to explain 10 ways to get your Income Tax Refund quickly.

IT Refund

1) Filing of IT Returns Mandatory

If you are looking for tax refund then you must file IT returns. IT Department will not do calculations on its own and never send your tax refund 🙂

1) Filing IT Returns within time

Never wait until last date (this year it is 31st August, 205). Instead, try to file IT Return at the earliest. This is one of the easiest ways to get your tax refunds at the earliest. This year, I heard that many have to their tax refunds within a week.

2) Filing IT Returns online

From this year, it is mandatory to file IT returns online to those who are expecting tax refund. Therefore, never try to make it to file offline and stuck in procedural errors.

3) Matching Form 16 with Form 26AS

You have to crosscheck the TDS shows in Form 16 with Form 26AS. IT Department pays the refund amount based on the refund status available in Form 26AS. Hence, it is very much important to cross check it while filing IT Return.

4) Provide correct TAN number of tax deductor

TAN number is a unique number allotted to any entity that is eligible to deduct tax. Hence, locate the TAN number, which is available in Form 16, and mention it while filing IT Return. If you mention it wrongly then IT Department may not pay you the refund (due to mismatch) or send you notice.

5) Submit correct Bank details

If you opted for direct credit to your bank account, then you must provide the correct bank details. Any wrong information may lead to delay in tax refunds. You have to submit the bank information such as bank A/c (at least 10 digits) and MICR code of bank branch and communication address.

6) Submit correct Address

If you opted for physical delivery of refund (i.e. through cheque), then you must provide the correct address. If you provide the wrong address then the cheque will go back to IT Department. This leads to unnecessary delay in getting refunds.

In case you received the cheque by late and date of encashment cheque is already over then contact your AO. This leads to issue of new cheque.

7) Name in Bank must match with a name on PAN-If your name on the bank account is different from the name present in PAN card then this leads to delay in refund. In case your refund status showing as “Paid”, but you did not receive the amount then first contact your bank. If there is no issues, then contact the below address of SBI Bank. Because State Bank of India is a refund manager of Income Tax Department in India.

Cash Management Product (CMP)
State Bank of India
SBIFAST
31, Mahal Industrial Estate
Off Mahakali Caves Road
Andheri (East)
Mumbai – 400 093.
Phone Number: 18004259760 or email at [email protected]

8) Choose the correct ITR Form

It is so simple to choose one’s IT Return form. Still many people wrongly chose the forms. This wrong filing leads to delay in tax refunds.

9) Track your refund

If you have not received the tax refund then track the refund status as and when required. This track leads to take immediate measures to avoid further delay.

You can track your refund status by visiting IT Department Refund Status portal.

If after following all above said steps, you are not able to get your refund then contact the IT Department.

For any refund related query, the taxpayer should contact Aaykar Sampark Kendra at 0124 2438000 or email at [email protected]

For refund related query/ or any modification in refund record relating to Return processed at CPC Bangalore, the CPC may be contacted by the taxpayer on 1-8004252229 or 080-43456700.

10) Final resort, use RTI

If you did not get the refund within the time and no response to your complaint then as a last resort, use RTI. There is no prescribed format to write an RTI. You have to pay Rs.10 as a fee for this, which can be paid by postal order, pay order, or even in the form of court fee stamp. In application, provide all details like name, pan number, year of assessment year, PAN number and refund amount you are expecting.

You have to submit the application to the commissioner of income tax, under which your jurisdiction falls.

41 Comments

  1. Dear Sir,

    I received Intimation u/s 245 of the income tax act 1961) (Raised By AO) and when I checked I found out the details were filled incorrectly by the AO as he added next year’s salary and calculated that for last assessing year.

    I am not in India at the moment so I submitted the first response online stating “Disagree with Demand”. Then I contacted a CA in Pune over phone and asked him to take care of it.

    He went to ITO Ward, Pune and raised the request but on online site, he submitted the response as “Demand in incorrect but agree with adjustment”. I told him it does not look right to me as they may go on with taking our response as we agree with the demand.

    My CA said, dont worry sir. Mera roz ka kaam hai, I will take care.

    Now the “Response” button is not there online which means the assessing officer has confirmed the demand. But the demand still is same online and they have deducted that amount from my refund and I can see 2 links, one to “View Response” and “Pay Tax”. I feel CA messed it up but need your suggestion.

    Thanks,
    Manoj

    Reply
  2. Sir,
    Under which section interest income is to be mentioned??
    Nd wat is section 80TTA

    Reply
  3. Hi Basavaraj,

    Very informative article. Thanks a lot. I have a query on tax refunds. My old tax refund from AY 2008-09 was sent to wrong address and I never received the cheque. Portal says “No such Address – Refund voucher cancelled. The instrument returned undelivered by the speed post as the address provided by the assessee is not complete/ non existent.”. My PAN card has address of Bangalore right now but back then in 2008-09, it was with Andhra Pradesh address. Now,

    1. What is the process for getting this refund?
    2. Which AO should I contact (Is it my current PAN jurisdiction which is Bangalore or ITR 2008-09 jurisdiction which is Hyderabad)

    Please advise.

    Reply
  4. hello sir.
    I am a working professional… I don’t get HRA,but I live in a house paying rent… I want to know how could I get tax deduction in itr??
    should I fill n send another form along with my itr???

    Reply
    • Rajesh-If you don’t have HRA part in your salary, then you can’t get tax benefit from your rent.

      Reply
    • @rajesh gairi you can claim rent paid under section 80GG. it is for self employed person or an employe who paid rent but does not get hra from employer.

      Reply
  5. Hello Basu sir,

    For a person having Income below the taxable threshold of 2.5L, Does he need to mandatory file ITR for Capital Gains from Debt MF.

    Thanks,
    Kamal

    Reply
    • Kamal-Not required. However, if you are expecting tax refund or carry forward the capital loss, then you have to file IT return.

      Reply
  6. Sir
    Is their any risk involved in linking Aadhar Details to ITR, because ITR is very confidential matter to every individual & in this situatuion the GOVT is trying to ease the process of e-filling, but is it OK to link Aadhar details which is now commonly used in every instance as a proof. Is their any risk of leaking confidential details to unknown parties ?
    and please en-light any other risk involved if any ?

    Reply
    • Rajik-In my view, you share your PAN more number of times than Aadhaar. Also, no one can fetch the tax information by quoting your Aadhaar number alone. Hence, go ahead and verify.

      Reply
  7. Basavaraj Sir,

    I haven’t worked during the Financial year 2014-15. I have made only loss in F&O. I don’t have any other income for the whole year. When i tried to make ITR through a tax consultant he says that i need to have my books audited as i have made loss and my income is less than 8%. I have heard from another friend earlier that eventhough the gross is less than one crore and income less than 8% (If the total income for the FY is less than 2.5 Lacs) no need to have our books audited.

    Thanks in Advance,
    Suresh

    Reply
  8. I did E-filing of return and my income is belove 5 lakhs and I am also eligible for refund . I have done e-verification through Aadhar card?
    can i get refund amount after e verifying only? Or must I send ITR- V to bangalore?

    Reply
    • Dipti-If e-Verification done then no need of sending acknowledgement to CPC.

      Reply
  9. Hi,

    I have one query regarding tax return file.

    My brother started his career with package 4.5 L/A in 2011. But he worked from 2011 April to Sep 2011 only. Anyway according to his salary monthly 1000 rs tds is deducted. He worked only 5 months on that financial 2011-12.

    1.Is it mandatory he has to file returns.
    2.please let me know Interest rate on tax

    Please advice

    Reply
    • Chennaiah-It is not mandatory (if his income is below minimum tax slab) but better to file.

      Reply
  10. Hi,

    I have a query on Loss from House Property. The property in question is not self-occupied and I’m not earning any rent on it. Hence it would a deemed letable property. My query is on what needs to be updated as the Annual Letable Value (ALV). Not sure how to get the municipal value. The property is in Ahmedabad – Naroda Kathwada road.
    Should I update the ALV – lets say as 24k (2k p.m. rent) and Rent not received as 24k and update the actual interest payment or should keep the ALV and Rent not received as Zero.

    Request your guidance.

    Reply
    • Shital-If this property is the only one property which you are owning then it can’t be considered as deemed let out property. If this is second property then even though it is vacant then be considered as let out. The values will be available at your local register offices. Even if you not realized the rent then too. The process is as below.
      Use whichever is higher for-
      Municipality rent v/s fair rent (Part A) (Fair rent is similar property)
      Use whichever is lower for-Standard rent v/s (part A)

      Reply
      • Thanks Basavaraj for the response.
        This is my second property. Just to cross-check, the ALV in any case cannot be updated as “Zero”, right?

        Reply
  11. While filling ITR-1 ORIGINAL and same has been processed suddenly after entering data and ITR-V has been generated without entering of Challan no. of paying an tax payable amount of Rs.320/=.

    What can do to reenter the left out data (TAX PAID CHALLAN NO.) for the same.

    Regards,

    Reply
  12. Hi sir, this is Rohit from agra. i am a govt employee. i have never filled ITR on my own but now thinking of filling ITR online. Considering me as a newbie would u pls provide some guidance about it.

    Reply
    • Rohit-There are enough videos and guidance available and it is easy. Just go ahead.

      Reply
  13. Can you please provide me the details for filing IT Returns in 80G

    Andhra Pradesh Chief Minister’s Cyclone Relief Fund

    Name of Donee :
    Address :
    City :
    State :
    Pin code :

    I have only PAN No : AAAGA0132Q

    Reply
    • Arunkumar-You just mention the name of what you mentioned in above comment. Also, if possible mention the PAN number in bracket. Rest of the field just keep it blank.

      Reply
      • But those are mandatory fields while filing quick e-filing form.

        Reply
        • Is there a way to know details of donee using the PAN number to which donations are done.?

          Reply
          • Jayanth-You have to check the website or receipt you got against the donations regarding details of that mandatory fields.

            Reply
  14. Can you please let me know what is e-verification and importance?

    Reply
    • Ram-It verify the identity of the person furnishing the return of income through e-Filing.

      Reply
  15. Dear Sir,

    ok. Thanks 🙂

    Reply
  16. Hi,

    I have medical bills which was used for pharmacy/vaccination for the period from Apr’14 to Mar’15. I have not submit to the employer. Will i able to submit while IT Return e-filing. If so how to do?

    Reply
  17. Sir,
    My annual income was 3.75L in FY 14-15.I have efiled itr-1 two weeks past.I also everified through internet banking.I did not send itr-v because in my itr v,it was mentioned not to send it to cpc,bengaluru.I also paid excess tax of amount Rs1870/-.So this amount is to be refunded.Should I have to send itrv ?

    Reply
  18. Dear Sir, I have received a mail from “[email protected]” stating, “We are pleased to advise that your Income Tax Refund , as determined by ITD had been processed.”

    However, when checking the status in the portal., i see a message stating “Your assessing officer has not sent this refund to Refund Banker.”

    Please let me know what should i do, in order to get the Refund amount credited?

    Thank you !!

    Reply

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