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Income Tax Refund, You can revised your return till 31st March 2010

o If more tax has been deducted from your income, then you are entitled to get a refund cheque from the income tax department.
o Time to get such refund is unpredictable, so it is suggested not to overpay and to do your calculations wisely. The interest paid by the income tax department on your refund is very low, so it is better to invest the money in higher return investment than waiting for refund.
o If you e-file your return, then you stand a chance of getting faster refund.
o Refund follow-up is expensive and tedious, so it is advisable to avoid such situation of refund
o Revised return means that you can re-file your income tax return with some modification. If you have already filed your return for financial year 2007-08 but want to make modifications and file a new return, then the new return will be called the revised return.
o For this financial year (Mar 2007 - Apr 2008), you can file a revised return till 31st March 2010.
o However, if the income tax department completes the assessment of your return earlier, then you can not file a revised return.
o If you missed reporting any income or deductions, you can file revised return.
o If you received some information after filing the return, you can file revised return.
o You will need the acknowledgement number and date of filing of original return in order to file a revised return.
o If you have to disclose some income, then do so at the earliest opportunity to avoid interest/penalties from income tax department
www.taxspanner.com

Article Source: http://www.articlebankonline.com

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