Income Tax Update: There is big news for income tax payers. If you too have filed your Income Tax Return (ITR) and are now waiting for refund (ITR Refund), then there is bad news for you. The central government has said that this time refund money will not be given
Income Tax Update: There is big news for income tax payers. If you too have filed your Income Tax Return (ITR) and are now waiting for refund (ITR Refund), then there is bad news for you. The central government has said that this time refund money will not be given. If taxpayers do not do e-verification, then they may face a lot of difficulty in getting refunds. The last date for filing Income Tax Return (ITR) was 31 July 2023, but even now those who have not filed their ITR will have to pay a fine of Rs 5000.
Your ITR refund may get stuck
According to the information received from the Income Tax Department, if you have filed a refund and you have not received the refund money yet, then it may happen that your refund money has been withheld by the government.
Why will not get money ITR refund?
The government has started giving refund money to those filing income tax returns for the financial year 2022-23. The government has said this time that only those people will get refund money who have got the verification done. If you have not done ITR verification then this time you will not get refund money from the government.
Got 30 days time
You have to get e-verification done within 30 days of filing ITR. Earlier this period used to be 120 days, but the Income Tax Department has now reduced it to 30 days. This rule is applicable from 1 August 2022.
Income Tax Department gave information
If you do not get your return verified during this time, your refund money will get stuck. Along with this, your ITR will also not be processed. According to the Income Tax Department, tax refund is issued only to those people who verify ITR.
How can e-verification be done?
- You can verify by sending OTP to the mobile number registered with Aadhaar.
- EVC can be done through pre-validated bank account.
- Apart from this, it can also be done through Demat account.
- E-verification can be done through ATM through EVC or Net banking and Digital Signature Certificate.
