New Delhi: ITR refund processing is in full swing with the Income Tax department having decided to process ITRs at a faster clip this year. However, some ITR refunds may have been delayed. The deadline for filing ITRs for assessment year 2024-25 was July 31, 2024. While several taxpayers filed their ITR ahead of this deadline, many are yet to file the same and can do so before December 31, 2024, by paying a late fee based on their taxable income.
Why ITR refund processing has been delayed
Your ITR refund processing may have been delayed due to the following reasons:
ITR not verified
ITR amount dispute
Belated ITR filing
Incorrect bank details
Most of the times, reason for delay in refund is incorrect bank details.
All of us have already filed our ITRs. Please check whether bank account details have been filed correctly.
If not, don’t worry… Relax…
Just revise ITR at the earliest and file correct bank account…
— Sujit Bangar (@sujit_bangar) August 7, 2024
How long does I-T department take to process ITR refund
The Income Tax department has a 9-month remit to process ITR refunds from the end of the last assessment year, the ET reported, citing ex-IRS officer Sujit Bangar. An individual taxpayer may see their ITR for the assessment year 2024-25 processed by December 31, 2024, said Bangar who is the founder of Taxbuddy.in. Belated ITRs may also be filed during this period, ie., until December 31, 2024, it will be processed by December 31, 2025, he added.
Does I-T department pay interest in delayed refunds?
The I-T department pays interest on a refund if the amount exceeds the actual tax liability by 10 per cent. The I-T department pays a 0.5 per cent monthly interest on ITR refunds. The interest is provided from the start of the financial year until the date of processing, added Bangar.
ITR Refund scam
Taxpayers awaiting their refund must pay attention to an ITR refund scam and avoid falling prey to it. Taxpayers may receive an SMS providing details of their refund and asking them to click on a link to receive the same. The SMS asks taxpayers to click on the link to verify their bank details. However, this link acts as a portal for phishing and may lead to the loss of your confidential details.
ITR Refund Processing: Is your Income Tax refund delayed? There may be multiple reasons for the same from delayed tax return filing to unverified savings account. Read here to know more Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
