ITR Filing Deadline: You may not get income tax refund even if you are eligible for this reason; I-T Department has a rule for this
Income tax refund: Have you filed your Income Tax Return (ITR Filing)? Are you waiting for a tax refund now? There is an Income Tax Department rule that may stop your income tax refund for this financial year.
Income Tax Season: The last date to file your income tax return is today (July 31, 2024). Since the Income Tax Department (I-T Department) hasn't extended the deadline, ITR filing after July 31 may invite a penalty of at least Rs 5,000. Many taxpayers who have filed ITR and paid tax in excess during the 2023–24 financial year have been waiting for their income tax refund. The I-T Department can take a few days to a few weeks to deposit a refund to your PAN card-linked bank account number. But there is a possibility that some taxpayers may not get a refund at all. Let us tell you who does not get the refund and why.
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Eligibility criteria for income tax refund
Before we move ahead, let's know how the tax refund process works.
Eligibility criteria for income tax refund
When you file ITR, your form contains information that you have paid income tax in excess. The I-T Department checks your form, and if there are no mistakes, it starts the process for a tax refund. If there is any mistake in your form, you can still claim a refund.
Eligibility criteria for income tax refund
But for that, you have to file a revised ITR. After this, the refund is deposited to your PAN-linked bank account.
What is Income Tax Department's refund-related rule?
According to the Income Tax Department, there is a limit for ITR refund. If your refund falls within that limit, you will get it. According to the rule, if the refund amount is less than Rs 100, you will not get it.
What is Income Tax Department's refund-related rule?
But it is not that you never get it. It remains deposited in the government treasury. In the next financial year, when you file ITR and ask for a refund, the amount that will be formed by adding the previous refund will be paid.
What is Income Tax Department's refund-related rule?
This is called the adjustment amount. However, in the next financial year also, money will be received only if the amount is more than Rs 100.
Does Income Tax Department inform taxpayers?
The Income Tax Department informs taxpayers about this through an intimation notice. The notice is sent to the taxpayer after the ITR is filed and verified.