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Monday, April 23, 2012

How to Get Income Tax Refund ?

Many of us rush at the last moment for making right tax investments, this leads to incorrect disclosure of investments which will ultimately end you up in paying extra taxes. This extra tax paid in addition to actual tax liability leads to a situation of Tax refund.

The process of getting the tax refund has traditionally been very tiring and time consuming for an individual. If you are expecting a
tax refund then it"s important to take a few steps which will expedite the process.

How do I get the Tax refund?

  • Filing the return on time is the first and foremost requirement for claiming the Tax refund, by providing the adequate investment details.
  • File your return online so that it is processed faster and it doesn"t have to deal with bureaucracy. You can file your return online
  • Check your Income tax Return to see if it"s reflecting the tax refund correctly.
  • If your Tax return shows Tax refund, filing the return is all you need to do. The IT department will send the refund by post (cheque) or direct credit to your bank account.
  • You should provide proper details of bank account like MICR Code, bank account number and also the proper address to get the Tax refund amount directly credited in to your account.
  • Opt for direct credit so that you don"t have to deal with postal delays.

Further in a situation where you think that you forgot (to mention bank account no., MICR code of bank) or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted.

What if you do not receive Tax refund within a year?

If you do not receive your tax refund within a reasonable time which normally is within a maximum of one year from the date of filing the
tax return

  • Check your Tax Refund status here
  • You can approach Tax Ombudsman which are present in select cities to deal with such cases. The Ombudsman has been empowered by the government to help tax payers and also better the whole tax process.

Thus, to conclude, prevention is better than cure. So it is always better to plan early and prevent paying extra taxes than to wait months to get your refund back.

 
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

 

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

 

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

 

These Application Forms can be used for buying regular mutual funds also

 

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

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Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

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