For those who pay income tax, there is exciting news. The news is not good if you have also filed your income tax return (ITR) and are currently waiting for your refund. The central government has said that money would not be refunded this time. Let us remind you that the deadline for filing ITR was July 31, 2023, but that those who have not yet done so will still be subject to a Rs 5000 fine.
The refund will end
According to information from the Income Tax Department, if you filed a return and have not yet received the funds, it is possible that the IRS has withheld some or all of your refund funds. For those who pay income taxes, there is exciting news. The news is not good if you have also filed your income tax return (ITR) and are currently waiting for your refund. The central government has said that money would not be refunded this time. Let us remind you that the deadline for filing an Income Tax Return (ITR) was July 31, 2023, but that those who have not yet done so will still be subject to an Rs 5000 fine.
Why won’t I receive my money back?
Let us inform you that the government has begun disbursing refund funds to taxpayers who file income tax returns for the fiscal year 2022–2023; however, this time, only those taxpayers who have completed the verification process will be eligible to receive refund funds. You won’t be eligible for a government return this time if you didn’t complete ITR verification. You must complete the e-verification process within 30 days of filing an ITR, according to the information we got from the government. Previously, this term was 120 days, but as of 1 August 2022, the Income Tax Department has lowered it to 30 days.
How to complete e-verification:
- Send an OTP to the mobile number associated with your Aadhaar.
- In addition to using a pre-validated bank account
- EVC can also be carried out using a demat account.
- E-verification is possible using an ATM
- a digital signature certificate, or net banking.
Read More: Government to give health insurance worth Rs 25 lakh for free!
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