Income Tax Refund: What happens if tax refund is not claimed? understand here

ITR Refund Claim: Any salaried person whose salary comes in the income tax slab, it is very important to pay income tax because if he does not do so then he can be sued by the government.

At the same time, after filing the income tax return, the round of income tax refund starts. Along with this, let us tell you that in case of tax refund, it is very important for the taxpayers to file the tax return on time, because failing to do so can only harm you. 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 has to pay a late filing fee of about 5000 for delay, so you have to do all these things on time. It is often seen that people miss out on claiming the tax refund of the previous financial year and get to know about it in the next financial year.

Experts have told that, there are some rules for this, under which if your amount is in the limit of 1 lakh, then for that you have to apply to the concerned commissioner of income tax and if this amount is 1.5 lakh then you will have to file with CIT. Will have to tell about it. At the same time, if it is more than 5 lakhs, you will have to inform CBDT about it.