Income tax refund: The deadline for filing income tax returns was set for July 31, 2023, after which penalties are applicable. There’s a window for filing with penalties until December 31. Individuals with an annual income below Rs 5 lakh will face a fine of Rs 1,000, while those with higher incomes will incur a higher penalty.
Once you’ve filed your income tax return, it’s crucial to complete the process of e-verification. Failing to do so will render your ITR invalid, necessitating a second filing. This is vital for receiving any refunds.
If you’re still awaiting your ITR refund and a significant time has passed since filing, it might be stuck due to various reasons. Before delving into the reasons, check your refund status.
Possible refund issues:
1. Eligibility: Some taxpayers don’t receive refunds as they’re not eligible. If you’re eligible and the tax website confirms it during filing, you should expect a refund.
2. Accurate bank details: Your bank account information should be both accurate and pre-validated. Pre-validation is essential; otherwise, you won’t receive a refund. Also, ensure your PAN card is linked to the bank, with matching details, including the IFSC code.
Key steps for refund:
1. Eligibility confirmation: Ensure you meet the eligibility criteria for receiving a refund.
2. Accurate bank information: Make sure your bank details are accurate and pre-validated.
3. PAN and bank linkage: Your PAN details must align with your bank account details, including the IFSC code.
4. Verification timely: Complete the ITR verification process within 30 days; otherwise, your ITR won’t be considered complete.
