You could get thousands back in tax refunds, if you know where to look
1/8
You've probably been leaving free money on the table
When your employer deducts more TDS than your actual tax, the government owes you that money back. It's not a loophole. It's yours, but only if you claim it correctly.
₹0 refund if you don't file ITR
July 31: Last date to file ITR-1 / ITR-2
₹0 refund if you don't file ITR
July 31: Last date to file ITR-1 / ITR-2
2/8
Old regime vs new regime: Pick wrong and you lose
Old regime
Lower slabs after deductions. Works if you have home loans, HRA, and big investments under 80C/80D.
New regime (default)
Zero tax up to ₹12 lakh via rebate u/s 87A. No deductions needed. Best for most salaried people from FY 2025-26.
Calculate your tax under both regimes before filing. The difference can be tens of thousands of rupees.
Lower slabs after deductions. Works if you have home loans, HRA, and big investments under 80C/80D.
New regime (default)
Zero tax up to ₹12 lakh via rebate u/s 87A. No deductions needed. Best for most salaried people from FY 2025-26.
Calculate your tax under both regimes before filing. The difference can be tens of thousands of rupees.
3/8
Under the old regime, these 4 sections can save you ₹4+ lakh
₹1.5 lakh: Sec 80C -PPF, ELSS, LIC, EPF
₹50,000: Sec 80D - Health insurance premium
₹2 lakh: Sec 24b - Home loan interest
₹50,000: Sec 80CCD(1B) -NPS contribution
Senior citizens get ₹50,000 on health insurance (Sec 80D) instead of ₹25,000.
Plus, subsidized food and non-alcoholic beverages provided during working hours are tax-free up to ₹50 per meal and the value of a company-provided car and driver used for commuting between home and office is tax-free if maintained strictly for official use
₹50,000: Sec 80D - Health insurance premium
₹2 lakh: Sec 24b - Home loan interest
₹50,000: Sec 80CCD(1B) -NPS contribution
Senior citizens get ₹50,000 on health insurance (Sec 80D) instead of ₹25,000.
Plus, subsidized food and non-alcoholic beverages provided during working hours are tax-free up to ₹50 per meal and the value of a company-provided car and driver used for commuting between home and office is tax-free if maintained strictly for official use
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4/8
3 allowances people forget to claim, and pay tax on for no reason
HRA: If you pay rent, claim it in your ITR even if your employer missed it. Keep rent receipts ready.
LTA: Leave Travel Allowance for domestic travel with family. Claim it; don't let it lapse.
Sec 80TTA/80TTB: Deduction on interest from savings accounts and FDs. Small but adds up.
LTA: Leave Travel Allowance for domestic travel with family. Claim it; don't let it lapse.
Sec 80TTA/80TTB: Deduction on interest from savings accounts and FDs. Small but adds up.
5/8
A mismatch in Form 26AS will freeze your refund
The Income Tax Department sees everything, your TDS, salary, bank interest, and more. If what you report doesn't match, your return gets flagged.
1. Download Form 26AS and Annual Information Statement (AIS) from the IT e-Filing portal
2. Cross-check TDS entries with your Form 16 from the employer
3. Report all bank interest income -even small savings account interest
1. Download Form 26AS and Annual Information Statement (AIS) from the IT e-Filing portal
2. Cross-check TDS entries with your Form 16 from the employer
3. Report all bank interest income -even small savings account interest
6/8
Here's how a ₹3,840 refund is calculated for a ₹20L salary (under new tax regime)
Gross salary ₹20L minus standard deduction ₹75K = taxable salary ₹19.25L
Add interest income ₹20K, deduct NPS (80CCD2) ₹50K = taxable income ₹18.95L
Actual tax payable under new regime: ₹1,86,160
TDS already paid ₹1,90,000. So, refund = ₹3,840
Add interest income ₹20K, deduct NPS (80CCD2) ₹50K = taxable income ₹18.95L
Actual tax payable under new regime: ₹1,86,160
TDS already paid ₹1,90,000. So, refund = ₹3,840
7/8
5 steps to make sure your refund actually hits your account
1. Pick the right ITR form — ITR-1 for salaried, ITR-2 for capital gains
2. Accurately report all income, deductions, and exemptions in the utility
3. Cross-verify TDS auto-populated in your ITR with Form 16 and 26AS
4. Add and pre-validate your bank account on the e-filing portal
5. E-Verify your return immediately, don't wait. Use Aadhaar OTP or Net Banking
2. Accurately report all income, deductions, and exemptions in the utility
3. Cross-verify TDS auto-populated in your ITR with Form 16 and 26AS
4. Add and pre-validate your bank account on the e-filing portal
5. E-Verify your return immediately, don't wait. Use Aadhaar OTP or Net Banking
8/8
File early, verify fast, and let the government return what's yours
The refund process is automatic once you file and e-verify. The Income Tax Department credits it directly to your pre-validated bank account.
Don't skip filing just because you think your income is low. Not filing = no refund, even if TDS was deducted. Your money, your call.
30 days: Maximum time to e-verify after filing
Direct refund credited to bank account
Don't skip filing just because you think your income is low. Not filing = no refund, even if TDS was deducted. Your money, your call.
30 days: Maximum time to e-verify after filing
Direct refund credited to bank account