For many people, filing an income tax return (ITR) can be a difficult taks, but it gets easier if you know the procedures and the possible tax benefits of filing ITR.
Taxpayers can significantly lower their tax liability by claiming a variety of deductions under various sections of the Income Tax Act of 1961 and if they have already paid advance tax or TDS deducted on thier income ,they can get refund of this TDS by saving tax.
Here are a few easy steps to maximize your income tax refund when filing your ITR by utilizing different exemptions and deductions.
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(1) File your ITR in Time:
First file your income tax Return in time that is file your ITR within due date of filing because late filing of ITR will attract a fee for late filing which may vary from Rs.1000 to Rs.5000/- depending upon your income level.
(2) Claim all eligible deductions:
Make sure you claim all the deductions you are entitled to under various sections of the Income Tax Act. This includes deductions for investments in tax-saving instruments like Public Provident Fund (PPF), Equity Linked Savings Schemes (ELSS), National Pension System (NPS), etc.
(3) Submit proofs for deductions
Ensure you have proper documentation and proofs for all the deductions you are claiming. This is important to avoid any discrepancies or delays in processing your refund.
(4) Submit Form 15G/15H (if applicable):
If your total income is below the taxable limit and tax has been deducted at source, you can submit Form 15G (for individuals) or Form 15H (for senior citizens) to the payer to avoid tax deduction at source. This can help increase your chances of getting a refund.
(5) Invest in specified tax-saving instruments:
Consider investing in tax-saving instruments like Equity Linked Savings Schemes (ELSS), PPF, National Savings Certificate (NSC), etc., to avail deductions under Section 80C. This can help reduce your taxable income and increase the chances of getting a refund.
(6) Submit accurate information:
Ensure that you provide accurate and complete information in your ITR form. Any errors or discrepancies can lead to delays or rejections, impacting your refund.
(7) Verify your ITR:
After filing your ITR, make sure you verify it either electronically or by sending a signed physical copy to the Income Tax Department. Verifying your ITR is crucial for processing your refund.
Remember that these strategies can help you maximize your chances of getting a higher Income Tax refund, but it is important to comply with all tax laws and regulations while doing so.
You may also consider consulting a tax advisor or chartered accountant for personalized guidance based on your specific financial situation.आईटीआर दाखिल करते ------------------------------------------------------------------------------------------
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