Income Tax Return Calculation: The process of income tax refund has now become simple, taxpayers should take care of some steps to ensure that there is no delay in their refund.
Apart from ensuring that their Aadhaar is linked to their PAN (Permanent Account Number), the taxpayer should also ensure that their name (not PAN card) as per the PAN database is updated in their bank account records. The name as per one’s PAN card is generally the name which we want to print on the PAN card or if it is an old card, then there may be a mistake in it. However, the name as per the database is the one that is relevant and it may be completely different from the name printed on the PAN card.
It is suggested that the Income Tax Department may be contacted for the exact name as per the database. Or an easy way to find out is to fill the Tax Payment Challan (on NSDL Income Tax website) and see the name which is automatically generated as per the PAN number. This name is the name as per PAN database.
Taxpayers should also check if there is any old tax due and still payable, and now being raised, and address them. They also need to update their bank details: For example, there could be changes in the IFSC code in case of bank mergers, and also check details such as whether it is an individual account or a joint account.