Common Points for Filing Income Tax Return

If you want to pay tax and/or claim the refund if you already have paid the excess amount of tax, then it is essential for you to file your Income Tax Return.

Many people who have knowledge of filing the Income Tax Return were able to do it very nicely, however, the majority of the people won't be able to file the return properly.

So, here I am listing some common points which were taken into consideration while filing your income tax return.

• There are various kinds of ITR forms depending upon your source of income. So, make sure to choose the correct ITR form.
• You should mention all sources of your income whether they are taxable or non-taxable.
• Make sure that you will furnish all your personal details correctly.
• While filing ITR, you need to furnish your PAN card details, Email-id, contact number, Adhaar Card details, and Bank accounts details. If you didn't fill these details accurately then your ITR may get rejected or there may be a mismatch. So it is better to furnish all the details correctly.
• Make sure that you will file your ITR on time. As after the due date of ITR filing, you have to bear the penalty consequences.
• If you are a salaried person, then you will get form 16 from your employer. Then you should check your details in form 16 as well as form 26AS to avoid any mismatch.
• Under the Income Tax Act, you can avail of various deductions if you are eligible to claim that deduction. So, do check all the available deductions applicable for you before filing your return.
• After checking all the details you must calculate the amount of income tax accurately. If there is any variation they you will get a notice from the Income Tax Department.

 

Common Problems In Income Tax Refunds

If you have filed your income tax return and waiting for your return, but wondering why your refund is still not credited in your bank account. Then this article is for you. In this article, I have states some common problems due to which a taxpayer is not getting the refund amount and also how you can handle it and get your refund.

1. Incorrect Bank Account Details

It is possible that you might submit the incorrect bank account details, which is delaying your refund. So it is better to carefully check all the bank account details while filing your income tax return. If you have changed your bank account and the previous one bank account is closed, then make sure you have updated the new bank account details by login into the income tax portal.

2. Additional Documents Required

Sometimes the additional information and documents were required to support your claim of refund or maybe because of some operational issues.

3. Inappropriate Information

It may happen that sometimes the taxpayer provides inappropriate information to avail the benefit. In such a case, the taxpayer is required to provide accurate and complete information.

4. TDS/TDS Mismatch

If your details were mismatched with 26AS then you need to correct them to avail the benefit of a refund.

5. Under Processing of Refund

It may happen that your refund request is under process either by the income tax department or your bank. So you need to wait for it to get processed.