The Income Tax Department diligently returns any excess money that might have been taken from individual taxpayers. The last date for filing Income Tax Returns (ITR) without any late fine for FY24 was July 31.
The Income Tax Department (ITD) usually takes 4-5 weeks to refund money if it has taken more than what is due from any taxpayer. ITD states that the processing of ITR for refund can start only after the concerned tax filer has verified the ITR. It normally takes the department 4-5 weeks to dispatch the refund amount to the bank account of any taxpayer.
Log in to the IT portal
Here are a few measures that the concerned taxpayer might adopt. One can enter the income tax portal and one’s account. The PAN is useful in useful in this regard. The status of the ITR will reveal whether it is under process. If it is yet to be processed, the question of refund doesn’t arise and one has to wait longer.
If one has not verified the ITR, one has to do it immediately. It is possible that the ITD has sent you a notice under Section 143(1) of the Income Tax Act 1961 which could show that the refund is less than the amount you have expected. In that case, you can file a rectification request and you might have to consult an income tax practitioner for this purpose.
Usually 9 months an outer limit
Experts say that usually the ITD takes an outer limit of 9 months for credit the refunds in the bank account of a taxpayer. But the bulk of refunds take place within 4-6 weeks and the launch of the refurbished portal has enabled faster processing of ITRs.
Note the late fine
By the way, the last date for filing belated ITRs for anyone for FY24 is December 31, 2024. The amount of fine depends on the level of income of the taxpayer – Rs 1,000 for income below Rs 5 lakh a year and Rs 5,000 for income above that cut-off. The fine is payable even if no tax is payable.
The last date for filing income tax return, or ITR, for the financial year of 2023-24 was July 31, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
