Keep These Things In Mind To Avoid Any ITR Refund Delay
Filing an income tax return is mandatory for those earning above Rs 2.50 lakh in a year.
The TDS is deducted from your salary by your employer based on your income tax slab and your income planning for the year.
If your final tax liability is lower than your total TDS during the year, you will get a refund. If liability is higher, you will have to pay the difference.
If you have filled your ITR and missed out on any mandatory info, the ITR will not be processed and your refund will be delayed.
If your bank account details are inaccurate, your refund will be delayed.
If the tax authorities notice any suspected activity in your income tax return, your tax refund will be withheld and thus delayed.
If you claim any specific tax credits, your refund might get delayed as the tax authorities will authenticate the precision of your claim.
The last date to file your ITR AY 2023-24 is July 31.
PAN and Aadhaar cards, Form 16, bank statement, Form 26AS, investment proofs, rent agreement, sale deed, and dividend warrants may be required to file ITR.