The last date for filing Income Tax Return (ITR) has ended on July 31, 2024, with over 7.28 crore taxpayers filing their Income Tax Returns within the stipulated deadline. Which is 7.5% more than last year. Till August 23, the Income Tax Department had processed 5.34 crore of these returns. Some of these taxpayers received refunds only a few days after filing the ITR. While some taxpayers are still waiting for the refund. Currently more than 2 crore verified ITRs are lying unprocessed. So, today in work news we will talk about what is the reason behind delay in getting refund? You will also learn that- Expert: Diksha Shukla, Financial Expert, Gurugram (Haryana) Q- How long does it take for ITR processing? Answer- Financial expert Diksha Shukla says that the Income Tax Department takes 15 to 45 days to process the ITR after the date of e-verification. Time limit is extended if offline verification is done. Income tax returns should be processed within 9 months from the end of the financial year after filing. It means, refund for ITR filed for FY 2023-24 will be received on or before December 31, 2025. If the process is taking more time, it means that the Income Tax Department is reviewing your return. If the processing of ITR is too late, the taxpayer can go to the income tax portal and lodge a complaint. If the refund is not received in the meantime, taxpayers should keep checking their ITR notification messages. Also, you should keep checking the notification email sent by Income Tax Department regarding ITR refund. Q- Why is there delay in ITR refund? Answer- Verification is a common reason for delay in ITR refund. Everything is looked at very closely during verification by the Income Tax Department. Like- what is your compensation? Taxpayer is eligible to get interest on refund of income. When the income tax return is filed within the prescribed deadline the taxpayer is entitled to interest at the rate of 0.5% per month calculated from April 1, 2024 to the date of refund. However, this interest is paid only if the refund amount is more than 10% of the actual tax liability. Question- What can taxpayers do if tax refund is delayed? Answer- If your income tax refund is delayed, first of all you should check your status by visiting the e-filing portal of Income Tax Department. This will tell you the current status of processing. Understand from the graphic below where taxpayers can inquire if the ITR refund is taking more time than usual. Q- How can I track my ITR processing status? Answer: If you want to calculate your tax liability correctly and get a refund if you pay more tax than required, you should file your ITR regularly and within the time frame. Checking the status of your income tax refund regularly and resolving any issues promptly can save you time. It's easier than ever for taxpayers to track and manage their tax refunds online. Understand how you can track the ITR process from the graphic below. Government annually Rs. Compels people earning more than 2.5 lakhs to file tax returns. If you earn more than this amount annually, you have to file your ITR before July 31 every year. Which is the due date for filing income tax return every year in case of persons not liable for tax audit. You can easily check your income tax refund status. In this, you can see details like assessment year, current status, reasons for any refund failure and payment method.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
Still not getting ITR refund?: How long should the refund be received, what to do if the refund is delayed?
