ITR Filing: After the last date of income tax return filing, the department starts processing the return. This information is given to the taxpayers through email. They are also informed about the refund amount. The refund money comes directly to the taxpayers’ bank account
The deadline for filing income tax returns is near. The Income Tax Department had said on July 26 that so far more than 5 crore taxpayers have filed their returns. It is expected that this time more returns will be filed than last year. Last year 6.88 crore taxpayers filed returns. The Income Tax Department is constantly sending reminders to taxpayers to file their returns. Those who have filed their returns will be waiting for their refund.
Refund will be available on filing return by 31st July
The Income Tax Department refunds the amount to those taxpayers who pay more tax. However, it is important to understand that if you think you are entitled to a refund, you will have to file your income tax return before the last date. If a taxpayer does not file his income tax return by 31 July, he will not get a refund despite being entitled to it.
The refund process starts after the return is processed
Before issuing refund, the Income Tax Department informs the taxpayers about the processing of the return. The Income Tax Department sends a confirmation of the processing of the return to the taxpayers under section 143(1) of the Income Tax Act, 1961. This information is sent to the taxpayers through email. Therefore, after filing the return, taxpayers should keep an eye on their email inbox.
Refund money comes directly into the bank account
The State Bank of India processes the taxpayers’ refunds. The refund amount is transferred directly to the taxpayers’ bank accounts. This money is transferred to the taxpayers’ bank accounts whose details they provide during their return filing. Apart from this, it is also necessary to pre-validate the bank account on the e-filing portal. It is also necessary to have the PAN linked to the bank account.
Interest is paid if there is a delay in the refund
Tax experts say that it takes four to five weeks for the refund amount to reach the taxpayers’ account. Interest is paid on the refund amount only when there is a delay in the refund. Interest is paid at a fixed rate. Generally, 0.5 percent interest is paid every month if there is a delay in the refund. But, generally there is no delay in the refund, due to which interest is not paid on the refund. In the last few years, the Income Tax Department has reduced the time taken in processing the returns. This has also reduced the time taken in refund.
