This time taxpayers have got more time to file income tax returns. Despite this, one crore taxpayers have filed returns. Many taxpayers feel that their refund will soon come to their savings bank account on filing the return. Although nothing has been said by the Income Tax Department about this, it is believed that there are many benefits of filing income tax returns soon.
Many benefits of filing returns soon
Experts say that long before the deadline Income tax return The first advantage of filing is that if there is no mistake in the return, then its processing will be done soon. Then the refund will soon come to the bank account. Vibhor Goyal, founder of Fintech firm Onebank, said, “If the returns are filed after matching the return data in May and June, then it is processed in 2 to 4 weeks. On the contrary, the taxpayers who file their returns close to the deadline, their return processing takes a long time.”
Mistake in returns is not the benefit of filing soon
Goyal said that it is true that by filing returns soon, his processing is done soon. However, it is not enough to file a return just soon. If any kind of mistake is found in your return, then there may be a problem. If Form 26AS has shown interest income of Rs 1,200 and that income is not included in the return, then the Income Tax Department can select the return for review. This can be late 60-90 days to get refund.
Processing in the same order in which returns are filed
Chartered Accountant Shankar Kumar said that the Income Tax Department processes refund after the verification of ITR. The time taken in processing may vary for taxpayers. It is true that by filing the return soon, you get a lot of time to match any data in the return and to respond to it. Chartered Accountant Nayati Shah said that the order in which returns are generally filed, their processing takes place in the same order.