India, July 13 -- justify;">July is when most salaried individuals file their Income Tax Returns (ITRs). The last date for filing ITR for individuals who don't need an audit is 31st July 2026. Self-employed individuals usually receive their payments after a TDS of 10% has been deducted. At the time of filing ITR, they can claim any excess TDS, after adjusting for any tax payable, as a refund. Over the years, the Income Tax Department has upgraded its systems to enable faster processing of ITRs and issue of refunds. Have you already received your income tax refund? If yes, or are awaiting it, this article will show you how to make the most of the income tax refund.

Some individuals treat the income tax refund as a bonus. They usually splu...