This time, the deadline for submitting income tax forms was July 31. Over 7.28 crore individuals have filed tax returns before the deadline. 7.10 crore of these returns have been confirmed. 5.15 crore returns have also been processed by Income Tax. Thus, there are still 2 crore Income Tax Refund to be completed. According to current claims made by the government, Income Tax Refund work is now completed in less than 10 days as opposed to 53 days in 2014. However, the real question is: Do all tax returns receive a refund and are they processed within ten days? In actuality, a large number of people have been waiting for returns for an extended period.
What form have you completed?
To know the reason for the ITR not getting processed and the refund getting delayed, first, you have to pay attention to which ITR form you have selected. ITR-1 or ITR-4 forms get checked quickly. However, it usually takes more time to check ITR-2 and ITR-3 forms. Even if someone has a higher refund, it can take more time to check his tax return. Many times, the tax department comes to know that the information given in the tax return is incorrect. For example, the information given about income and the information about tax credit do not match each other. In such a situation, the tax department has to check its information again.
How long will it take to get a tax refund?
Taxpayers ought to be aware of these facts. They will be able to determine how long it would take to receive a tax refund thanks to this. By December 31, 2025, the Income Tax Department must review tax returns. The tax department is entitled to take this much time to review tax returns if there is a delay for any reason. From April 1, 2024, until you receive your tax return back if you timely filed your tax return, you will be entitled to a 0.5% monthly interest rate on the refund amount.
However, if you have made a late tax payment, you will get interest from the date of filing the tax till you get the tax back. But if you have to get a refund of less than 10% of the actual income tax. Then you will not get any kind of interest from the government. For example, if you have an income tax of Rs 1 lakh but your refund is only Rs 8000, then you will not get interest. Because this amount is less than 10 percent of one lakh i.e. 10 percent.
What should I do if my refund is delayed?
You can email ask@incometax.gov.in or contact the toll-free number 1800-103-4455 if the processing time for your tax return is taking too long. In addition, you can visit the income tax office that is closest to you to make inquiries. You can complain about the ‘e-Nivaran’ part of the income tax website if, despite all of this, you still do not receive a response. You should continue to often check the status of your tax refund. Try to find a solution as quickly as you can if you think there is a problem. Keeping track of and handling tax refunds has gotten considerably simpler these days.
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