Crores of people have filed Income Tax Return (ITR) and now people are waiting for Income Tax refund. But is there any delay in getting the tax refund? If you want to get refund how long will it take? But first check whether you have e-verified your ITR or not. If you do not e-verify your ITR, the filing process is considered incomplete and your ITR becomes invalid. In such a situation, first of all verify your income tax return.

Income tax refund

You will get the refund once your ITR is processed. The refund does not come immediately, but will be issued to you through the Income Tax Department after verifying the details of tax already paid with the information available with it. As per the press release of the Income Tax Department, 61% e-verified returns have already been processed. Which means that intimation of processing, refund or adjustment as applicable will have been sent and refund if any is usually credited. This work is done between 10 days to 2 weeks after processing.

Income Tax Return

Normally it takes 20-45 days for the refund to reach you after you have filed and verified your ITR. However, in this financial year 2022-23, the tax department has expedited the processing of Income Tax Return (ITR) by using advanced technology. As a result, the average processing time has come down impressively to just 16 days. On the other hand, if your income tax refund is to come, then you can regularly check the status of your income tax refund and keep the process of checking it in your mind.

Check Income Tax Refund Status Online

– Visit the Income Tax India website.
Log in using your User ID (PAN Number), Password and Captcha Code.
Go to ‘Return / View Form’.
Click on ‘Choose an option’ and then click on ‘Income Tax Return’ from the drop-down menu.
Fill the assessment year and then submit.
Click on the relevant ITR acknowledgment number to check the status of your ITR refund.

The post Tax Refund: Big update for people waiting for Income Tax Refund! get this thing in mind quickly first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 234F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post Big News! New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.