If due to any reason you have not been able to claim tax refund, then there is a special provision in that case. Under which you can claim late refund for 6 years from the current financial year. But in such cases no interest will be paid on the refund.
Income Tax Refund: Any salaried person whose salary comes in the income tax slab, he has to pay income tax. At the same time, after filing the Income Tax Return (ITR), the round of income tax refund starts. It is very important for the taxpayers to file the tax return on time in the case of tax refund, because failing to do so can only harm you. Actually, in case of delay in ITR filing, starting from 1st April, no interest will be given for the time till the date of filing of ITR. That is, if your refund is of 1.5 lakh rupees, then after a delay of 9 months, you will lose some percent interest.
Apart from this, the taxpayer will also have to submit a late filing fee of 5000 in case of delay, so it is important that the ITR is filed on time. After filing it, it is the turn to claim the refund, but if the claim is not made, then what will happen in that case.
What happens if tax refund is not claimed?
It is often seen that people also miss out on claiming the tax refund of the previous financial year. And they get to know about it in the next financial year. If the deadline has passed and you could not claim it due to any reason, then there is a special provision, there is a board circular 2001, that in such a case you can claim late refund for the next 6 years from the current financial year. Huh. Along with this, no interest will be given on the refund in such cases.
No interest on refund in such cases
According to experts, it also has some rules, under which if you have an amount in the limit of up to 1 lakh, then for that you will have to apply to the concerned Commissioner of Income Tax (CIT). On the other hand, if the amount is up to Rs 1-5 lakh, then you will have to tell the Chief Commissioner of Income Tax (CIT). At the same time, more than 5 lakh can give its application to the Central Board of Direct Taxes (CBDT).
It is important for the tax payers to keep in mind that, the tax return should be filed on time so that your interest is also received on time and you do not have to pay the filing fee. Apart from this, those people whose deadline for filling ITR has passed, they can file belated ITR.
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