Income tax refund

INCOME TAX REFUND: 5 MUST-DO THINGS TO MAKE SURE YOU GET EXCESS TAX PAID BACK TO YOUR ACCOUNT The euphoric feeling of getting an Income Tax Refund is nothing less than winning a lottery. Both come as a complete surprise. The most important difference between them is that the money you earn from the lottery is tax-free while your tax refund is the money the government owes to you. Once in a year, you get the opportunity to claim the refund of excess tax paid by filing your tax return. However, you need to keep a few important things in mind to ensure that you get your income tax refund on time in your bank account. 1. File tax return at the earliest opportunity From childhood, we are habituated to doing important tasks at the last moment, whether preparing for an important exam or paying the electricity bill. No doubt we always file our tax return at the last moment as old habits die hard. “Remember that after you file your tax return, the tax department takes some time to assess your ITR and issue your refund. Hence, it’s a no-brainer that early filers get their refunds sooner than others. Procrastinating on this task can result in you missing the deadline, and ending up paying a late filing fee out of it. You will also lose any interest payable on your refund by the government. So, always file your taxes as soon as possible,” says Chetan Chandak, Head of Tax Research, H&R Block India. Read more at www.starhealthdevarajan.om/news/576 for INsurance related services, U can always call 98401 77017 Devarajan