Income Tax Return: How to get maximum tax refunds on filing ITR | Check out these 5 ways!

financialexpress.com:

Income tax return filing FY 2023-24: The deadline to file ITR for AY 2024-25 is July 31, 2024. Salaried individuals are waiting for their employers to issue Form 16, in a week or two. Once they receive Form 16, they will be in a position to file income tax returns easily. However, this document is not necessary to file an ITR if a taxpayer uses other documents like Form 26AS, Annual Information Statement (AIS) / Tax Information Summary (TIS), capital gains details, bank statements, home loan statement and interest certificates from banks.

If you’re preparing to file your ITR and believe you’re genuinely entitled to a tax refund based on the taxes you’ve already paid, here are five effective strategies to maximize your income tax refunds.

Suresh Surana, Founder, RSM India, explains 5 tried and true ways to maximize tax refunds by taxpayers under the old tax regime.

Section 237 of IT Act allows a taxpayer person to claim refund of the income tax paid in case the amount of tax paid by him/her exceeds the actual tax liability. In order to optimize tax refunds, the taxpayers may ensure the following:

Every taxpayer should make an effort to mitigate their tax liability by claiming all the available deductions and exemptions at the time of furnishing their tax returns. However, such deduction/ exemption amount should be correctly computed after considering the tax regime, residential status etc.

Also read: Income Tax Return Filing: Why you should wait until June 15 to file ITR for FY 2023-24

One of the main reasons for issuance of refunds is excess tax paid on account of TDS and TCS. Thus, any discrepancy in the amounts of TDS and TCS as per the revenue authorities records and the taxpayer’s records may result in lower