The last date for filing income tax returns (ITR filing deadline) for taxpayers whose accounts are not to be audited is September 15, 2025. This time the last date for filing ITR has been extended. Last year, July 31 was the last date for filing returns. Income taxpayers have now started filing returns.

According to the website of the Income Tax Department, 75,18,450 returns were filed till July 1. Out of these, the department has also verified 71,11,836 returns. The Income Tax Department issues refunds in the taxpayers’ accounts only after filing the income tax return. Do you know how many days after filing the return you will get the ITR refund? If you don’t know, then no problem, today we will give you this information.

Finance Minister Nirmala Sitharaman had said a few days ago that due to automation and process improvements in the Income Tax Department, income tax refunds are now being issued within an average of 10 days. But experts say that this is an average time. That is, the time taken to get the refund may vary in each case. It is possible that a person may get the refund just eight days after filing the income tax return and someone else may take 15 days.

Verification of ITR is essential

The Income Tax Department will not issue you a refund just by filing your Income Tax Return. For this, you will have to verify the ITR. The Income Tax Department processes the ITR only after the taxpayer verifies it. Taxpayers can verify their ITR online. Once the taxpayer’s return is verified, it now takes an average of ten days to process it. If the verification is done offline, it may take more time to process and you will get the refund with delay.

5 main reasons for delay in refund

The Income Tax Department carefully verifies every return. If the claim information is entered in Form-16, then it takes less time to process it. If the information in Form-16 is not updated, then the processing time increases. Apart from this, there are some other reasons due to which the refund is getting delayed. Let’s know about them.

Not doing e-verification: Just filing ITR is not enough. Unless you do online e-verification, the return is not processed and the refund is not issued.

PAN and Aadhaar not linked: If your PAN number is not linked with Aadhaar, then the Income Tax Department can stop your ITR.

Error in TDS details: If the TDS information filled in your ITR does not match with Form 26AS or Annual Information Statement (AIS), the matter may be taken up for investigation.

Incorrect bank details: If you have entered the wrong bank account number or IFSC code, the refund will not be credited to your account.

Failure to respond to departmental emails or notices: If the department contacts you for any information and you do not respond, the refund may be withheld.

If you want a quick refund, do this.

It is important to link PAN and Aadhaar, provide correct bank details and provide correct TDS information to avoid delays in refund. Apart from this, do e-verification immediately after filing ITR. You can do this through Aadhaar OTP, net banking or other digital options. By keeping all these things in mind, you can get your income tax refund on time.

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The post ITR Refund: Your income tax refund may get stuck due to these reasons, how to prevent it? first appeared on Rightsofemployees.com.

In the last few years, the Income Tax Department has greatly accelerated its process of giving refunds. Now people are able to file tax returns (ITR Filing) much more easily than before. Not only this, they are also getting refund within a few days. However, this agility of the Income Tax Department can also become a cause of trouble for some people. This is because before the taxpayer realizes that he has made a mistake in filing ITR and he is able to correct it, the Income Tax Department processes the ITR and sends the refund. In such a situation, the taxpayer does not get a chance to correct his mistake.

More refund comes into the account of taxpayers

In such a situation, what happens is that people get more money in their account than the actual refund. This happens because people take some time to correct the mistake in their ITR, while the Income Tax Department has started working so fast that it processes the refund even before the mistake is corrected. If this happens to you, then do not make the mistake of not returning the extra refund amount, otherwise you may get a notice from the Income Tax Department.

What to do when you receive the notice?

There are many people who have not received a notice from the Income Tax Department despite getting additional refund. In such a situation, if you think that you will not get a notice, then do not make such a mistake at all. As soon as the additional refund comes, you should file a revised ITR as soon as possible and return the additional refund back to the Income Tax Department. If in the meantime you get a notice from the tax department, then you can give your explanation and show the revised ITR.

There should be no delay in filing the revised ITR, because if the tax officer issues a notice before that, then some penalty can also be imposed on you. The tax officer of the Income Tax Department can issue you a notice under section 143 (3), 147 or 144. You will also have to pay interest on the additional tax refund, so the sooner you pay back the money, the better it will be.

Before filing ITR, definitely check these 7 things

Let us know what 7 things you should check before filing income tax return.

1- First of all Form-16

To file ITR, a salaried person first needs Form-16. You will get it from your company, which contains all the information about the tax levied on your salary. Let us tell you that many companies issue Form-16 in the second-third week of June. However, if you have hidden any information from your employer i.e. your company, then it will not be in Form-16. Keep in mind, if you have Form-16, which contains complete information about the tax levied on your salary, then filing ITR becomes a matter of a few minutes for you.

2- Check TDS-TCS in 26AS form

Before filing income tax return, you must check 26AS form once. Check once whether the information about tax imposed on you in Form-16 is correct or not. If there is any mistake, get it corrected in time. Keep in mind that if any information is wrong and you get it corrected, it may take up to 7-10 days.

3- Check income and TDS-TCS in AIS form

After checking Form 26AS, you should also check AIS i.e. Annual Information Statement form. This will let you know what transactions you have done in the whole year. If you have earned from other sources other than salary i.e. rent or interest etc., then its information will also be available in AIS form. Along with this, you will also know what you have sold i.e. what you have earned money from. It is important to check that no transaction is missed. If something is missed, then get it corrected in time.

4- Check capital gains statement

This form needs to be checked only by those who have made capital gains. If you have invested in any stock or mutual fund, then it is important for you to check this form. If you have a capital gain of more than Rs 1 lakh, then you will have to pay 10 percent tax on it. On the other hand, if you have a short term capital gain, then you will have to pay 15 percent tax on it. The calculation of this tax is done by the brokerage firm itself and sent to the customers. If you have not received this form, then you can talk to your brokerage firm.

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5- Check the interest earned

There are many taxpayers who do not report their income from other sources. The most common income is the income from interest. If you have made an FD or have earned interest from your savings account, then it is important to show it in your income. You will get this information in the AIS form as well, because it has a record of every transaction related to your PAN card. Remember, if you show wrong income, then you may get a notice from the Income Tax Department.

6- Be sure to show income from crypto assets

If you have invested in any crypto asset, then it is very important to show the income earned from it. You will have to pay 30 percent tax on the income earned from crypto assets. Be sure to mention this while filing ITR, otherwise you will definitely get a notice from the Income Tax Department.

7- Also tell about foreign assets and income

There are many people who have property even abroad. If you also have property abroad and you earn from it, then you will have to tell about it while filing income tax return. If you have kept money in a foreign bank account, then you will have to tell about it while filing income tax return.

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The post ITR refund: Did you get more money in your ITR refund by mistake? refund it immediately, otherwise you will face a big problem first appeared on Rightsofemployees.com.

Refunds come within about a month of filing ITR. If your refund is also due and you have not received it yet, there can be many reasons behind it. It is possible that you have not filed ITR correctly. Keep in mind that refund is available only when the Income Tax Department processes your ITR and sends you a notice confirming it. This notice is issued under Section 143(1) of the Income Tax Act, 1961.

The amount is deposited directly in the account

After the entire process is completed, the refund amount issued by the Income Tax Department is deposited directly in the taxpayer’s bank account. However, this amount goes to the same bank account which is linked to the taxpayer’s account on the Income Tax website. In such a situation, it is important that the bank account number and IFS code (IFSC) are filled correctly. Go to the Income Tax Department website and login to your account and check whether the bank account details are correct or not.

How many days does it take to get a refund?

To get a refund, it is necessary to verify your tax return online. Usually, it takes 4 to 5 weeks for the refund to be credited to your account. If you have not received the refund within this time, then email the income tax department and get information about it. Apart from this, you can also track the status of your refund by visiting the e-filing website.

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These can be 5 reasons for not getting refund

1. If your PAN is inactive, then you will not get a refund. In such a case, you will see a warning message to link your PAN with Aadhaar.

2. If the bank account details are wrongly entered in your account on the Income Tax website, then also you will not get a refund. In such a case, check all the bank related details like account number, IFSC code, name etc. once again.

3. If your bank account registered in the Income Tax website is closed or suspended due to KYC or any other reason, then also the refund amount will not come in the bank account.

4. If the bank account you have given to the Income Tax Department is different from the savings account or current account, then also the refund amount will not come in the account.

5. Income Tax found in the investigation that there is a mistake in the return you had filed. For correction in this, the department had also sent you an email on the registered email ID, but you did not pay attention to it. Unless the correct return is filed, refund will not be given.

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The post ITR Refund: Haven’t received refund yet after filing ITR? Know the 5 reasons why it may be stuck, check now first appeared on Rightsofemployees.com.

Income Tax Refund: Rahul, who works in the IT sector, had filed ITR on time this year as well, like every year. Last year his tax refund came after a week, but this time it has not been processed yet. Now Rahul is worried. Actually, filing ITR timely does not mean that you will get your refund soon. There are many steps in the tax refund process. If something goes wrong in any step, then the entire process may get delayed.

This can cause delay in tax refund

You are eligible for tax refund when the tax already paid by you is more than your actual tax liability. The Income Tax Department calculates it after considering all deductions and exemptions during assessment. Income Tax Return (ITR) refund can be delayed due to many reasons. If the taxpayer has not done his ITR through Electronic Verification Code (EVC) or through Central Processing Center (CPC), then his refund can be delayed.

Income figures not matching is also the reason for delay

Apart from this, errors in ITR details like non-matching of income figures, wrong bank account information or error in PAN details also cause delay in ITR processing and refund. In cases where the ITR involves complex income sources or various deductions, such ITRs need to be proceeded manually. This is the reason why processing and refund of such ITRs can usually take more time.

Apart from this, delays can also occur due to backlog in CPC. Especially during peak filing or due to non-compliance of the notice or request of the Income Tax Department by the taxpayer. Therefore, any taxpayer should try to file his return well before the stipulated time limit.

Also Read- Belated ITR: What is the process for filing belated income tax return, what is the penalty?

What to do in case of delay in ITR refund?

If your refund is also getting delayed, then you should first check the status on the Income Tax e-filing portal. This will give you information about the current status of processing. If the reason for the delay in your refund is not clear, you can register a complaint by going to the ‘e-Nivaran’ section on the e-filing portal or you can also contact the CPC helpline for updates. It is important to respond quickly to any notice or request from the Income Tax Department as delay in your response may increase the processing time.

How to raise the issue of tax refund

If your refund process is stuck for a long time, then you may have to file a re-issue request for refund. How can you do this? Let’s know-

• First of all go to the ITR e-filing portal and login with your credentials.
• After this go to the ‘Service’ tab and click on the ‘Refund Re-issue’ button.
• Now a new webpage will open. Click on ‘Refund Reissue Request’. Now select the ITR here and you want to request for re-issue of refund.
• Here select the bank account where you want to receive the refund. If the selected account is not verified then you have to verify it first.
• Now click on Proceed and choose a verification method Aadhaar OTP, EVC or DSC. Complete the process after receiving the OTP.

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The post Income Tax Refund: Still waiting for your income tax refund? here’s what you need to do first appeared on Rightsofemployees.com.

Only those taxpayers are eligible for refund, whose tax has been deducted more than the prescribed tax. This includes tax deducted at source (TDS), tax collected at source (TCS) along with advance tax paid by the taxpayer and self-assessment tax. This information was given by CA Santosh Mishra.

CA Ajay Bagadia told Live Hindustan about the reasons for the delay in income tax refund that there can be many reasons for the delay in refund, but if we talk about the main reasons, then it can be wrong details of the bank account, not verifying the bank account first, not providing correct information in ITR, scrutiny of ITR by the Income Tax Department or any previous tax due on a taxpayer.

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What is Restricted Refund: Bagadia explains that this error occurs when the name linked to your PAN does not match the name linked to your bank account. To solve this problem, make sure that both records are the same. You may need to update your name on your PAN or modify your name details with your bank.

What to do if the refund is delayed

CA Abhinandan Pandey, on the question of what steps should be taken by taxpayers in case of delay in refund, said that first of all check your e-mail. Income Tax Department has not sent any refund or any kind of notice. If the refund claim has been rejected in ITR status, then the taxpayer can request for re-issuance of refund. If the claim is pending, then you can contact the e-filing portal / assessment officer and request for its early settlement.

If there is still a delay, then take these two important steps

You can contact the Income Tax Department by calling their helpline at 1800-103-4455 or emailing them at ask@incometax.gov.in. They can assist you with the status of your refund.
2. You can go to the local income tax office to directly inquire about the status of the refund. Make sure to carry the necessary documents with you.

The post ITR Refund: If you are waiting for refund after filing ITR then read this news first appeared on Rightsofemployees.com.

There is no possibility of it being extended, because last time the government did not extend the date. According to a Live Mint report, it is important to file ITR on time to get a tax refund. You can file ITR online from home through the Income Tax Department website www.incometax.gov.in. After submitting the ITR form, it is necessary to go through the e-verification process to verify your return. You can do e-verification through OTP from your Aadhaar or net banking credentials. After e-verification, the Income Tax Department will evaluate your return. If everything is fine, the department will send you a verification and notification if any refund is due.

How to get a tax refund online

If the notice mentions tax refund, the department will start the process of transferring the money to your bank account. This process usually takes four to five weeks. You can check the status of the refund on the department’s website.

These two things are necessary for income tax refund

Pre-validated bank account: The department transfers refunds only to those bank accounts which are pre-validated. That is, the bank account details (such as account number and IFSC code) linked to your PAN have been verified on the Income Tax e-filing portal before the refund process.

Bank account details should be correct: While filing your ITR, fill in the correct details of the bank account in which you want to receive the refund. Errors in the bank account details can lead to delay in refund.

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What to do if you don’t get a refund

If the refund is not received on time, this is what the taxpayer should do…

Review errors in ITR: Notifications from the Income Tax Department may indicate any mistakes or incorrect calculations in your filed ITR. You can check the notification through the e-filing portal.

Keep checking emails: The department may send emails providing updates on the status of your refund. These notifications may alert you to delays in processing or ask for additional information if needed.

Use the online refund status tracker: The Income Tax Department website provides a tool to check the status of your refund. By entering your PAN and assessment year details, you can track the progress report and identify any specific reason for the delay.

If this does not resolve the issue, contact the Central Processing Center (CPC). There are different helplines for inquiries about the status of your refund. You can use the e-filing portal to lodge a complaint related to your tax return or refund.

The post ITR refund: How many days after filing ITR do we get the refund, what to do if it does not come? first appeared on Rightsofemployees.com.

The last date for filing returns (ITR) for salaried income taxpayers was July 31. Returns of many people have been processed and they have also received refunds. There can be many possible reasons for the refund amount not coming to the account of those who have not received the refund yet.

It is important to check these possibilities to determine the reason for delay in ITR refund and take appropriate action. Keep an eye on the e-mails and letters coming from the Income Tax Department. If any additional information is sought through them, provide it immediately.

ITR is still under verification process

If ITR is still under processing then you may get the refund late. It usually takes a few days to process ITR. If it has been a long time since you filed your ITR and you have not received your refund yet, you should check the status of your refund on the official website.

Some cases of ITR filing go for scrutiny through the Income Tax Department to ensure accuracy and compliance. If your return is under scrutiny process, it will take time for the ITR refund to be credited to the account.

ITR Refund Eligibility

You also need to check whether you are eligible to get a refund or not. You will receive an income tax return refund only if the Income Tax Department processes your income tax return and makes you eligible for it. Once the Income Tax Department confirms your eligibility, the refund is usually credited within four weeks.

wrong bank account

If you have given wrong bank details while filing the return then the tax refund will not be credited to your account. It is important to note that the name registered in your bank account should match the details of your PAN card. The refund will be credited to the bank account that you have mentioned in your ITR.

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The last date for filing Income Tax Return (ITR Filing) is 31 July. Many people have also filed returns till now. Now they are waiting for their refund. Refund (ITR Refund) usually comes within 20 to 60 days of e-verification of ITR.

You can check your refund status online. You can check the income tax refund status either by visiting the website of NSDL or by visiting the e-filing portal of the Income Tax Department.

As on 2 July 2023, around 1.32 crore ITRs have been filed for assessment year 2023-24. Of these, about 1.25 crore income tax returns have been verified so far. So far only 3,973 ITRs have been verified for the assessment year 2023-24. After filling ITR, you must keep checking your e-mail from time to time. This is because the Income Tax Department informs the income taxpayers about ITR through e-mail only.

Check Status on E-Portal Like This

If you have paid more tax than your actual tax liability, you can get refund by filing ITR. For this, first go to the e-filing portal www.incometax.gov.in. After this click on the quick link section. Now scroll down and on going down a bit you will see ‘Know your refund status’. Now click on it. Here you have to enter your PAN number, assessment year and mobile number. After doing all this OTP will come on your mobile number. You will see the refund status as soon as you enter the OTP at the designated place. If you have any problem with ITR bank details, then it will appear on the screen that no record was found.

This is the process to check refund status on NSDL website

• Visit https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
• Now enter PAN, assessment year and captcha and click on ‘Proceed’.
• Select the assessment year for which you want to check the refund status.
• After entering the captcha code, click on submit.
• The status of your ITR refund will appear on the screen.

The post Income tax return (ITR): How to check IT refund status online first appeared on Rightsofemployees.com.

This is called refund. The department sends this money to the taxpayer’s bank account. To make its process transparent and easy, the Income Tax Department has made the entire process online. This has significantly reduced the time taken for processing refunds. However, the receipt of refund in the bank account of taxpayers depends on many factors. Let us know about this in detail.

Check all the details

The information that taxpayers give in ITR is very important. If any information is incorrect, there may be a delay in the refund process. Taxpayers generally make mistakes in reporting income, deductions and tax paid. That’s why it is necessary to double-check all the information before submitting ITR. Many times taxpayers make a mistake in giving the correct details of their bank account. Due to this, there is a delay in getting the refund money in the account. If you have more than one account, then you have to clearly tell in which account you want to get the refund money.

Processing of more returns affects

The IT department starts processing the refund after the verification process of ITR is complete. After verifying the ITR of the taxpayer, the department examines the return. If everything is found correct, he starts the process of refund. The time taken to get the money into the account depends on whether the ITR is simple or complex. Apart from this, the number of ITRs processed by the department also affects the time taken to receive the refund.

Benefits of online returns

E-filing of ITR takes less time than paper filing. That is why the Income Tax Department advises taxpayers to file returns online. This speeds up the processing of refunds. Filing ITR online reduces the scope of mistakes in it. Because of this, there is no delay in getting the refund money in the taxpayer’s account. Online return filing has become mandatory for most of the taxpayers.

Verification of ITR is also necessary

Merely filing income tax return is not enough. It is also necessary to verify it. You can also verify your return by sending a copy of Aadhaar OTP or ITI-V to the Centralized Processing Center located in Bengaluru. The department will process the refund only if the verification process is found correct.

The post ITR Filing: How long does it take to get ITR refund? first appeared on Rightsofemployees.com.

The most important thing in this is whether you got it verified within the stipulated period or not. For those who had filed ITR before July 31, the verification period was 120 days. Otherwise, there was a rule to refund ITR in 30 days. Now that date has passed. So the question is why the refund has not come till now. We will answer this in 5 important questions.

1-When will ITR refund come

After filling the ITR, if you have verified it, then it takes 20-45 days for the refund to come. There is no rule to take longer than this. This time is after the ITR process. But if you haven’t got the refund yet, there could be many reasons for that. For example, if there is no verification, the bank details are wrong or there has been any lapse in processing.

2-How to Check Refund Status

1. First of all go to www.incometaxindiaefiling.gov.in.
2. Login to your account by entering PAN, Password and Captcha code details.
3. Click on Review Returns/Forms.
4. Select Income Tax Returns from the drop down menu. Here select the assessment year for which you want to check the IT refund status.
5. After that click on your acknowledgment number i.e. hyperlink.
6. Now a pop-up will appear on the screen, which will show the timeline of filing of return. For example when was your ITR filed and verified, date of completion of processing, date of refund issue etc. Apart from this, it will also show assessment year, status, reason for failure and mode of payment.

3-What to do to get quick returns

1. Getting income tax refund early depends on your income tax filing.
2. For early refund, you have to file income tax return online.
3. The appropriate form has to be chosen for filing income tax return and refund request.
4. File your income tax refund request on time.
5. Give complete details about your account in ITR.

4- Why is there delay in refund?

If ITR is not duly filled, no information is given in it, ITR is filled incomplete, there is any mistake in it, mistake has to be rectified, then ITR refund can be delayed. Sometimes refunds are withheld even if there is a problem with identification. Even if the bank account is wrong or the address of the house is not correct, the refund is not available.

The post ITR Refund: Big News! These 5 important questions related to ITR, which will tell how to get tax refund in a hurry first appeared on Rightsofemployees.com.

1-ITR process done or not

First of all, leave all the work and check whether your ITR has been processed or not. You will get ITR refund only when it is processed. After the ITR is processed, the tax department will confirm to you that your refund is made, only then the money will come in your account. If the tax department finds that no refund is made in your name, then you will not get any refund. Once the ITR is processed and the refund is confirmed, you should check the refund status once.

2-Pre-validation of bank account

If there is any problem in the pre-validation of the bank account whose information is given in the ITR, then you will not get the refund money. Even if your PAN is not linked with your bank account, the refund money can be stopped. Therefore, it is important to check whether the PAN is linked with the bank account or not and whether the account has been pre-validated or not.

To check the pre-validation, you will have to login to the tax e-filing portal for which you will have to provide the user ID and password. After login, go to My Profile and select My Bank Account. On the screen, you will get the information about the pre-validation of the bank account. If refund money has come in this account, then its information will also be available here.

3-Outstanding Demand

If you have any outstanding demand pending for the previous year, then there may be a delay in getting the income tax refund. If there is any outstanding demand pending, the same will be adjusted against your refund first. This information will be given to you through an intimation notice. Once the ITR is processed, check the mail to see if any notice has come. Once you get the notice, you will know why the refund has been delayed.

How to Check Refund Status

1. Visit the Tax e-Filing Portal
2. Click on Income Tax Return Status
3. On the Income Tax Return (ITR) status page, enter your acknowledgment number and a valid mobile number and click on Continue
4. Enter the 6 digit OTP received on your mobile number entered in step 3 and click on submit
5. On successful verification, you will be able to view ITR status

The post You haven’t received ITR refund yet? There may be delay due to these 3 reasons, check now first appeared on Rightsofemployees.com.

Many taxpayers would have got the refund, but there would be such taxpayers who would have got a notice from the Income Tax Department instead of the refund. This happens when the calculation of income and tax is done wrong.

Department is investigating through AI

This time the Income Tax Department is scrutinizing the returns through a software based on Artificial Intelligence. On the basis of this notice is being given to the taxpayer. If multiple claims are made simultaneously under different sections of the Income Tax Act, a notice can be obtained. In this case, the taxpayer has to verify and revise the ITR.

Why do I get notice from Income Tax?

Tax exemption can be availed on various expenses under Section 80G of the Income Tax Act. Small businessmen or taxpayers claiming exemption under this section are getting more notice. Charitable funds, charitable funds, relief funds come under this purview.

In such a situation, be it salary class or business class, if the calculation of tax and income is wrong, then a notice can be received from the Income Tax Department. If found guilty, a fine of up to 200 percent can be imposed as an action.

What to do when you get a notice

If you have also received a notice from the Income Tax Department, then first of all collect the documents shown in the investment. On the basis of these documents, revise the ITR filing within 15 days from the date of receipt of the notice.

If there are salaried employees, that should match the deduction shown in Form 16. Reconcile all the deductions given in your ITR in Form 26AS. The amount of TDS should be same in Form 16 and Form 26AS. If you see any discrepancy in the form, ask your company to rectify it.

The post ITR Refund Notice: Notice has been received from IT for claiming refund, so do this work to avoid it, know details here first appeared on Rightsofemployees.com.

The last date for filing ITR filing for the assessment year 2022-23 has passed. Now taxpayers are waiting for their ITR refund. People whose refund is made can check the status of their refund online. Income tax refund status can be checked either by visiting the website of NSDL or by visiting the e-filing portal of the Income Tax Department.

Income Tax Department provides the facility to check ITR refund status after ten days of filing ITR. Tax experts and CA Girish Narang says that according to the Income Tax rules, refunds start coming within 20 to 60 days of e-verification of your ITR. If no refund has been received even after this time has passed, then you should check the e-mail received from the department. You can also check your refund status online.

Multiple

ways to check refund status Taxpayers can check ITR refund status in several ways. Taxpayers can do this work through the e-filing portal of the Income Tax Department and the website of NSDL. Status can be checked on the e-filing portal with the help of acknowledgment number and PAN number.

How to check status with PAN number

• First of all go to www.incometax.gov.in.
• Login by entering your PAN card details.
• Then click on e-file option.
• Select Income Tax and click on View Filed Return.
• Here you can see the status of your ITR.
• You can now view the refund status of your ITR by clicking on View Details.

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1. Eligibility for Refund: Taxpayers who file ITR on or after the due date specified by the Income Tax Department are eligible for ITR refund.
2. Interest accrues on ITR refund: If a taxpayer has filed ITR within the due date of 31st July 2022, then he will get interest on ITR refund with effect from 1st April 2022.
3. Rate of interest on ITR refund: Taxpayers who file ITR within the given date of filing return are eligible for 0.50 percent monthly interest on their ITR refund amount.
4. Tax Rules on ITR Refund: ITR refund amount is an income which the taxpayer has already reported in the respective financial year. Hence, the ITR refund amount is not taxed. However, the interest earned on the ITR refund amount is taxed as per the applicable income tax slab on the taxpayer after adding the interest amount with the net annual income of the individual.
5. Calculation of interest on ITR refund: If a taxpayer has failed to file ITR within the given date for filing ITR, he can file his ITR by paying a late fine. However, one who has filed ITR after 31st July 2022 will not get interest on ITR refund with effect from 1st April 2022.

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Eligibility- Only those people are eligible for tax refund who have filed their ITR (Income Tax Return) on or before 31st July.

Interest on ITR Refund- If you have filed ITR till 31st July then only you will get interest on refund from 1st April 2022. If you have filed ITR after the last date then you will not get this benefit.

How much interest will be received – Taxpayers who file ITR till the last date will get a monthly interest of 0.50 percent on the amount of refund.

Tax rules on refund- The income tax payer has already informed the government about ITR refund. Therefore, the refund amount is not taxed. However, the interest earned on the refund is taxable as per the applicable tax slab on the income tax payer.

Calculation of interest- Every amount less than Rs 100 is ignored while calculating interest on ITR refund, while the number of days in the month is considered as the whole month. For example 3 months not 10 you will get 4 months interest. At the same time, not 4885, you will get interest on Rs 4800.

The post ITR refund Interest: 5 rules related to income tax that every taxpayer should know first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 and assessment year 2022-23 is over. Those who have filed their IT return on or before 31st July 2022 have either got their ITR refund or are waiting for their ITR refund.

However, for those earning individuals who failed to file their ITR within the given due date, they can still claim the last date of 31st December 2022 by filing ITR return by filing ITR return.

But, such income tax payers will not get interest on their refund amount. ITR Refund Form 1st April 2022. Similarly, if a taxpayer is getting ITR refund, the principal amount is non-taxable, but interest on ITR refund will be treated as income in FY23 and will be considered as net annual income of the taxpayer. to be added at the time of filing ITR for AY2023-24.

While speaking on Income Tax rules regarding ITR refund, Mumbai based tax and investment expert Balwant Jain said, “If a taxpayer defaults to file ITR within the due date given for filing ITR If so, he can file ITR by paying penalty. Those who file ITR after 31st July 2022 will not get interest on ITR refund from 1st April 2022.

Balwant Jain further said that a taxpayer’s ITR refund is not an income but interest earned on ITR refund is one’s income and one has to add this interest to his/her annual income while filing income tax return for AY2023-24.

How interest is calculated on ITR refund, SEBI registered tax and investment expert Jitendra Solanki said, “The interest on ITR refund is calculated at a monthly interest rate of 0.50 per cent month-on-month. Also, there is a provision for section 234D of the Income Tax Act. Recovery of interest on excess refund given to the taxpayer.” He said that any fraction of a month would be treated as a full month and interest would be calculated as such.

Five rules regarding ITR refund

1. Taxpayers filing ITR on or after the last date are eligible for ITR refund.
2. If a taxpayer has filed ITR within the due date of 31st July 2022, then he will get interest on ITR refund with effect from 1st April 2022.
3. Taxpayers filing ITR within the last date are eligible for 0.50 percent monthly interest on their ITR refund amount.
4. ITR refund amount is an income which the taxpayer has already reported in the respective financial year. Hence, ITR refund amount is non-taxable. The interest earned on ITR refund amount is taxable as per the income tax slab applicable to the taxpayer after adding the interest amount with the net annual income of the individual.
5. While computing interest on ITR refund, any fraction of a month will be treated as one month, while any fraction of Rs.100 will be ignored. For example, if we want to calculate the interest on Rs.8,489 for 3 months and 10 days, then while computing the amount liable to interest, any fraction of Rs.100 should be ignored and hence, we can calculate the amount from Rs.8,489 to Rs. 89 and the balance amount will come to Rs.8,400. Thus the interest under section 234D will be calculated on Rs.8,400. Further, a period of 10 days will be treated as a complete month and hence, interest will be calculated for 4 months.

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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.

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