Filed ITR early? Last-minute checks could save your refund from delays | Personal Finance
Although filing early helps avoid the last-minute rush, it does not guarantee that every piece of tax-related information had reached the department’s records at that time. A final review can help ensure that your return continues to match the latest data available with the tax department.
Information on the income tax portal is updated as employers, banks, mutual funds and other reporting entities revise or upload their statements. As a result, details available in your tax records today may be different from what was visible when you filed your return in May or June.
If there is a mismatch between the return filed by you and the information available with the department, it could lead to refund delays, demand notices or requests for clarification. A quick review can help identify such issues well in time.
1. Confirm that your ITR has been e-verified
Filing the return is only one part of the process. Unless the return has been successfully e-verified, it is treated as invalid.
Log in to the income tax e-filing portal and check the status of your filed return. It should show that the return has been successfully e-verified.
2. Match your return with AIS, TIS and Form 26AS
The Annual Information Statement (AIS), Taxpayer Information Summary (TIS) and Form 26AS provide a consolidated view of your income and taxes.
Compare these records with the figures reported in your ITR. If fresh information such as interest income, securities transactions or revised tax details has appeared after filing, you should examine whether your return needs correction.
3. Check for fresh TDS credits
In some cases, employers or other deductors revise their TDS returns after taxpayers have already filed their ITR.
If additional tax deducted at source (TDS) now appears in Form 26AS, you may become eligible for a higher refund or lower tax liability. It is therefore important to verify that all available TDS credits have been reflected.
4. Verify your bank account details
Even when a return is processed successfully, refunds can be delayed if the bank account selected for receiving the refund is incorrect, inactive or not pre-validated.
Taxpayers should ensure that their preferred bank account is active and correctly linked on the income tax portal.
5. Review your return for missing income or deductions
Many taxpayers realise after filing that they forgot to report a source of income or missed claiming an eligible deduction.
Review whether salary, bank interest, capital gains, rental income, foreign assets or other taxable income has been disclosed correctly. Also ensure that deductions, exemptions and carry-forward losses have been reported accurately wherever applicable.
6. Preserve all supporting documents
Although taxpayers are generally not required to upload supporting documents while filing the return, they should retain them carefully.
Important records include Form 16, TDS certificates, bank statements, investment proofs, capital gains calculations and other tax-related documents. These may be required if the Income Tax Department seeks clarification or selects the return for scrutiny.
7. Keep checking portal updates
Even after filing your return, monitor your registered email, mobile number and the income tax e-filing portal for any communication from the department.
Responding promptly to defect notices, information requests or other intimations can help avoid unnecessary disputes and additional interest.
Finding an error after filing does not necessarily mean you are in trouble.
If you discover that income has been omitted, a deduction has been claimed incorrectly or tax credits have changed, you can file a revised return. A revised return replaces the original return and allows taxpayers to correct genuine mistakes.
However, taxpayers should not ignore discrepancies in the hope that they will go unnoticed. Rectifying an error at the earliest can help prevent future notices and ensure that the correct amount of tax is paid or refunded.
For taxpayers who filed their ITR months before the deadline, spending a few minutes reviewing the return now can prove worthwhile. A simple check of tax credits, reported income, bank details and the latest information available with the Income Tax Department could save considerable time and hassle later.
