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Income Tax Refund: If you get a delayed refund, the government will pay you interest, know how much your money will increase

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Income Tax Refund: If you get a delayed refund, the government will pay you interest, know how much your money will increase

Income Tax Refund: If you have filed Income Tax Return and are now waiting for the refund, then this news is for you only. According to the government, the process of refund has now become faster. Usually the refund comes between 10 days to a month. But if your income tax refund has not come yet, then let us tell you a thing of benefit. The government gives interest to taxpayers on delayed refund. Know here what you should do if the refund does not come and how much interest will be given to you if the refund is received late.

The government will give interest on delayed tax refund

People eagerly wait for ITR refund. But if you have filled everything correctly, still there is a delay in getting the refund, then do not take tension. You will get your money along with interest. If the government delays in issuing your tax refund, then it gives you interest on that tax money (Interest on Delayed Tax Refund). This is given by adding up to the date of getting the refund. However, this interest will be available only if you have filed your ITR by the due date.

How much more will the money be?

Obviously, now the question will be in the mind that how much interest will you get from the government? So let us tell you that you are given interest of 0.5% every month i.e. 6% annually. This interest is given to you by adding up from 1st April till the date of getting the refund. However, there is one more rule in this, that is, if the refund you get is less than 10% of your total tax, then you will not get any interest.

What to do if there is a delay in getting a refund

If you are getting a delay in getting a refund from the Income Tax Department, first check your mail to see if the IT Department has sent you an email to correct any mistake. If so, correct that mistake. If there is no such information, then go to the IT Department’s site and check the status. For this, first go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html. On scrolling down the page, you will be asked for two types of information, one is the PAN number and the second is the year for which the refund is pending, enter these details. Now you have to fill the captcha code. After this, click on Proceed. The status will be in front of you.

Your refund can get stuck due to these reasons

Not e-verifying after filing the return, not responding to the email sent by the Income Tax Department, TDS not matching, account number or IFSC code wrong, account not valid, PAN not linked to Aadhaar, name written on PAN card not matching with the name written in the bank account etc.

When should you complain?

If your refund request is not rejected and refund has not come, then you can complain about it on incometax.gov.in. Apart from this, you can also complain on the toll free number 1800-103-4455 of the Income Tax Department. Calls can be made on this number from 8 am to 8 pm on working days. Apart from this, you can also register your complaint on the e-filing portal.

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