Many times taxpayers forget to pre-verify their bank account. In such a situation, the refund money gets stuck. If the annual income of a taxpayer is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee.
Those who had filed their Income Tax Return (ITR) by 31 July 2023, their refund money (ITR Refund) started immediately. Because the Income Tax Department has accelerated the process of refund this year as compared to last year. But you have not received the income tax refund money yet, then you should re-check some things. Sometimes, due to small mistakes, the refund of taxpayers gets stuck.
Why refund can get stuck?
Many times taxpayers forget to pre-verify their bank account. In such a situation, the refund money gets stuck. Therefore, verify the bank account before filing the income tax return. Apart from this, refund of taxpayers can get stuck even if ITR is not verified. In many cases, refunds get stuck due to wrong claims. If taxpayers fill wrong details while filing ITR, then their refund gets stuck. Therefore, take special care that there is no difference between the information available with the department and the details given by you.
Refund processing speeded up
CBDT Chairman Nitin Gupta had told recently that the average time taken in return processing has come down to 16 days this year as compared to 26 days last year. He said that it will be further reduced in the coming days.
According to the assessment of the Central Board of Direct Taxes-CBDT, more than six crore 77 lakh income tax returns have been filed for 2023-24. The total number of ITRs filed till July 31 was 16 percent more than the previous year. However, this year most of the taxpayers got refunds within 16 days of filing ITR. While last year this amazing time was about 26 days, and the Income Tax Department has a plan to reduce it to 10 days.
E-verification required
Income tax return filers will get refund only when you have completed the e-verification process of ITR. If you do not complete this work, then after 120 days your return will be invalidated.
How to check ITR refund status?
- You can easily check your refund status online. For this you have to go to the Income Tax Department’s site.
- Enter your login user ID (PAN Number) and password on the Income Tax Department site.
- After that select View Returns or Form option.
- Drop down below and select the option of Income Tax Return.
- Then enter the assessment year and click on submit.
- Next enter your ITR Acknowledgment Number.
- After this, within a few minutes you will see your ITR refund status.
Deadline to file ITR with late fine
Taxpayers filing income tax returns after July 31 will have to pay late fees. If an individual earns more than Rs 5 lakh in a year, then he will have to pay Rs 5,000 as late fine. If the annual income of a taxpayer is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee. Late ITR filing option with penalty is available till December 31, 2023.
