Income Tax Refund: These tips will help you get income tax refund quicker

Nearly 6.77 crore Income Tax Returns (ITRs) were filed for the Assessment Year (AY) 2023-24 by the July 31 deadline, according to the government data. As the Income Tax Department is processing the ITRs the taxpayers are eagerly now waiting for refunds.

Once the ITR is processed the tax officials will initiate the refund. While the process of receiving your income tax refund is governed by certain procedures, there are several proactive steps you can take to expedite the refund process and ensure a quicker turnaround.

Here’s a comprehensive guide to help you secure your income tax refund more efficiently.

Accurate Filing is Key

The foundation for a swift income tax refund lies in ensuring the accuracy of your tax return. Carefully review your financial documents, deductions, and credits before filing. Inaccuracies can lead to processing delays, requiring you to provide additional documentation or corrections.

Opting for e-filing rather than traditional paper filing is one of the most effective ways to expedite your income tax refund. E-filing not only reduces the chances of errors, but also reduces the processing time. Many tax-filing platforms offer step-by-step guidance and built-in error checks, further enhancing accuracy and speed.

Filing your income tax return early can significantly speed up the refund process. As tax season progresses, tax authorities may experience higher volumes of returns, leading to potential delays. Filing ahead of the deadline increases the likelihood of your return being processed early.

Choose direct deposit

Opt for direct deposit of your income tax refund into your bank account. Direct deposit ensures that your refund is deposited directly into your account, often within a few weeks of filing.

If you opt for direct deposit, ensure that you provide accurate and up-to-date bank account details. Any errors in bank information can result in delays or even the rejection of your refund.

Monitor refund status

The Income Tax Department provides online tools that allow you to track the status of your refund. Regularly check the status using the provided tool to stay informed about the progress of your refund.

If you receive any notices or correspondence from tax authorities, address them promptly. Ignoring or delaying responses to these notices can lead to further delays in processing your refund.