financial services · Income Tax · income tax return

Here’s why Govt has extended due date for filing ITR to August 31

tax return

After the income tax department has extended the deadline to 31st August from 31st July ‘19’, the taxpayers have now adequate time to file their returns. Reportedly, the extension notice came as a relief for individuals who have been facing multiple snags while filing returns. Meanwhile, as per some tax professionals, the Tax Department has examined and understood the hassle that taxpayers were facing due to changes in the ITR form, utility software and late issuance of form 16 reason.

With the extension in ITR filing, there is no pressure on tax assessee. But this time, the taxpayers should act attentively while filing returns. Likewise, all the information needs to be properly filled so that any legal consequences can be evaded. Avoiding so can land you in trouble and you can get a notice from the income tax department for many reasons. These could include not filing income tax return (ITR) on time, calculation errors, not reporting income correctly or even claiming excessive losses. The move by the tax authority is part of an effort to reduce vagueness in filing returns and to make assessment easier by taking accurate details.

How to claim Income Tax Refund?

Here are the steps with the help of which you can claim income tax refund

  • The first step is to file your income tax return by log-in to income tax e-filing website.
  • After successfully login-in, you will get acknowledgement number for filing the return online with the digital signature.
  • Income Tax Department will check and process the refund, if any.
  • Mode of payment of refund will be created on the details submitted by you in income tax return
  • It can be through ECS (electronic clearing system) or through demand draft /cheque.
  • If you choose to get the refund credit through ECS, it’s important to provide all the necessary details such as bank account number, bank branch and IFSC code appropriately in the income tax return file.
  • If you choose to receive the refund through demand draft or cheque, it will be sent to your address which you’ve mentioned in the ITR file.
  • Generally, it takes about 3-6 months to get the refund from the date of e-filing of income tax return.
  • In case youhave paid in excess, then the extra amount paid has to be claimed as refund separately.
  • It’s important to ensure that the excess tax paid reflects in your Tax credit statement Form 26AS to get the tax refund.

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