Income Tax Return: Important news for taxpayers, this time you will get the refund money in this many days..

Income Tax Return: Taxpayers have got more time to file Income Tax Return (ITR) this time, yet more than one crore people have already filed ITR. Many taxpayers believe that by filing returns early, they will get their refund soon. Although the Income Tax Department has not given any official statement in this regard, it is believed that there are many benefits of filing ITR early.

Many benefits of filing returns early-

The first advantage of filing income tax returns is that if there is no mistake in the return, then its processing will be done soon. Then the refund will come to the bank account soon. According to the expert, "If the return is filed correctly after matching the data in May and June, then it gets processed in 2 to 4 weeks. On the contrary, the processing of returns of taxpayers who file returns close to the deadline takes a lot of time." If there is a mistake in the return, there is no benefit of filing early.

If your Form 26AS shows interest income of Rs 1,200, but you have not included it in your income tax return, then the Income Tax Department can select your return for review. Due to this discrepancy, there may be a delay of 60 to 90 days in getting your refund.

Processing in the order in which the returns are filed-

The Income Tax Department processes the refund after ITR verification; the time taken in processing may vary. Filing the return early indeed gives enough time to respond to the data mismatch notice.

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