Income Tax Refund Rule: 5 Important Rules to Get Quick Returns

The details filled in the Income Tax Return (ITR) form should be correct, including the spelling of name, address, email, and phone number.
Ensure that the mobile number linked to your bank account is provided in the ITR form to receive timely SMS notifications from the Income Tax Department.
Validate your bank account in advance to ensure quick refund processing. The Income Tax Department transfers the refund directly to the bank account mentioned in the ITR form.
Enter the correct details of the Tax Deduction and Collection Account Number (TAN) of the company that deducted TDS. Verify the details from the 26AS form to avoid any errors in the return form.
Include information about foreign bank accounts and investments in foreign markets, if applicable, in the return form.
Disclose gifts received on festivals, birthdays, or other occasions in the return form. Any gift exceeding 50 thousand rupees should not be concealed.

With the ongoing process of filing Income Tax Return (ITR), it is crucial to be aware of the rules that can help you receive your refund quickly. Approximately 3 crore people have already filed their returns, but many are still awaiting their refund. To ensure a smooth refund process, it is essential to follow these 5 important rules.

Firstly, it is imperative to fill in the details accurately in the ITR form. Pay attention to the correct spelling of your name, address, email, and phone number. Mixing up the spellings is also recommended to avoid any discrepancies.

Furthermore, it is advisable to provide the mobile number linked to your bank account in the ITR form. This ensures that you receive SMS notifications regarding your return or refund from the Income Tax Department, enabling you to stay updated.

Validating (verifying) your bank account in advance is another crucial step to expedite the refund process. After filing the return (ITR), the Income Tax Department transfers the refund directly to the mentioned bank account. Delay in refund may occur if the bank account is not validated.

Correctly filling the details of the Tax Deduction and Collection Account Number (TAN) of the company that deducted TDS is equally important. Verify the information from the 26AS form to ensure accuracy in the return form. Failure to do so may lead to paying more tax.

If you have an account in a foreign bank or have invested in foreign markets, it is necessary to provide this information in the return form, even if it is unrelated to general information.

Lastly, it is essential to disclose any gifts received on festivals, birthdays, or other celebrations in the return form. If the value of the gift exceeds 50 thousand rupees, hiding this information will not go unnoticed by the Income Tax Department. Concealing information may result in the department withholding the refund and issuing a notice for an explanation.

Important Rules	Action Required
Correctly fill details in ITR form	Ensure accuracy in name, address, email, and phone number
Provide linked mobile number in ITR form	Receive SMS notifications from Income Tax Department
Validate bank account in advance	Facilitate direct refund transfer
Fill correct TAN details in return form	Verify information from 26AS form
Include foreign bank account and investment details (if applicable)	Provide information in return form
Disclose gifts over 50 thousand rupees	Include information in return form