ITR Refund: If you have also filed income tax return and are waiting for refund then this news may be of use to you. Actually, there is some limit to get refund from the Income Tax Department, if your tax claim is less than that amount then your tax refund may get stuck. Let us know what are the government rules for this…
It is necessary for all taxpayers to file income tax return. The last date for filing ITR for the financial year 24-25 is 31st July, which is slowly getting closer. There are many people who have filled their ITR in the past days. Some people are planning to fill in the coming days. Some people have now started waiting for the refund. However, despite filing ITR, not everyone gets the refund. Let us know why people do not get refund even after filing ITR?
When do we get refund?
Many times it happens that after filing ITR, we notice that we have paid more tax or more TDS has been deducted. In such a situation, while filing ITR, you can claim refund of the extra deducted tax. After filing ITR, the Income Tax Department checks your form and then processes your refund.
The refund now comes directly to the bank account linked to your PAN. But, to get the refund, it is necessary that your bank account is valid. According to the Income Tax Department, taxpayers will have to add their bank account on the e-filing portal or update the information of their existing bank account and get it verified.
Who does not get refund?
According to the Income Tax Department, there is some limit to get refund from ITR. If your tax claim is less than that limit, then in such a situation you are not able to get a refund. According to the information, if the income tax department has the amount of your refund, then it is transferred directly to your account a few weeks after the ITR is processed. But if the refund amount is less than Rs 100, then that money is not deposited in your account.
But it is not that you never get this amount. An amount up to Rs 100 remains in the government account initially and the amount of Rs 100 or less will be adjusted in the next refund that comes. Therefore, in the next financial year, the pending refund amount will be deposited in your account along with this Rs 100. But both the amounts will be received only when the amount is more than Rs 100.
This is the rule
A government press note says about this, the rule of depositing a refund of less than Rs 100 in the account does not apply, rather it is adjusted in the future income tax refund. According to the rule, refund of less than Rs 100 is not processed and the Income Tax Department does not even deposit it in the taxpayer’s account. The Income Tax Department first informs the taxpayer about the refund through an intimation notice. This notice is sent under section 143 (1) of the Income Tax Act. The Income Tax Department sends this notice to the taxpayer after the ITR is filed and verified.
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