The last date for filing ITR for the year 2022-23 under review has passed on July 31. Now those who had filed ITR have either got the refund or are waiting for it. However, those who have not filed ITR can fill it by paying a penalty. But you will not get the benefit of refund from this. Today we are going to tell you 5 very important rules related to ITR refund which every taxpayer should know.
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.
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