ITR filing 2023: What to do to ensure maximum income tax refund

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Income Tax Returns, it is important to maximise your tax refund by taking advantage of all available opportunities.   "File your ITR on time to expedite the refund process, choose the tax regime that suits you best, and avoid late filing to prevent penalties. Verify your returns promptly to ensure smooth processing of your refund.

Identify all eligible deductions and exemptions beyond those reflected in Form 16, and reconcile your data to avoid any discrepancies. Lastly, validate your bank account to ensure seamless receipt of your tax refund. By adopting these strategies, you can make the most of your income tax refund and effectively manage your finances." said Amit Gupta, MD, SAG Infotech.

Abhishek Soni, Co-founder & CEO of Tax2win, a Fisdom company suggested seven ways to save more tax than what is reflected in Form 16 by following the methods Select the right tax regime which suits you better. For example, if you do not have enough deductions or exemptions to claim, it is advisable to select the new tax regime. Claim all eligible deductions: Be aware of the deductions you are eligible for and ensure you claim them. Standard deductions include contributions to Provident Fund (PF), Public Provident Fund (PPF), National Savings Certificates (NSC), National Pension Scheme (NPS), life insurance premiums, medical insurance premiums, and home loan interest.