Income Tax Refund: Usually the Income Tax Department starts processing the return after the ITR is filed within the deadline. If there is no mismatch in the ITR, the refund is issued. Then within a few weeks this money is credited to the savings bank account of the taxpayers
Income Tax Refund: The process of filing Income Tax Return (ITR) for the financial year 2024-25 will start soon. The last date for filing ITR is 31st July. For those taxpayers whose accounts are not required to be audited, it is necessary to file the return by the last date of July. After this, penalty and interest on tax will have to be paid on filing the return. Tax experts advise not to wait for the last date to file the return. This time, despite filing the return before the deadline, there may be a delay in getting the refund. Let us know about this in detail.
Refund comes soon if ITR is filed before the deadline
The Income Tax Department starts processing the return after ITR is filed within the deadline. If there is no mismatch in the ITR, the refund is issued. Then in a few weeks this money is credited to the taxpayers’ savings bank account. Generally, the taxpayers who file ITR first, their returns are also processed first. Due to this, they get the refund money soon. This whole process is very simple.
Income Tax Department has sent email to taxpayers
According to the report of Economic Times, some taxpayers have received an email from the Income Tax Department. In this, they have been told that since their tax return has not been assessed or reassessed, their tax refund amount will be withheld until the tax officer investigates it properly. It is also told in the email that if any previous tax is found to be due, then it will be adjusted with the refund amount of the taxpayers.
Taxpayers should check their email properly
This email has been sent by the Deputy Director of Income Tax on March 11, 2025. This means that the people to whom this email has been sent, their refund may take longer this year. It is also possible that their refund may come less or no refund will come. Taxpayers should check their email properly. Experts say that if any taxpayer has not received such an email, it means that there is no need to re-assess his return. There will be no delay in getting the refund of such taxpayers.
Income Tax Department will use Section 245
The Income Tax Department has also said that if the refund amount of a taxpayer is adjusted after assessment, then for this the department will use Section 245(2) of the Income Tax Act, 1961. This section gives the Income Tax Department the right to adjust the taxpayer’s current year tax refund with the tax demand of earlier years. The special thing is that there is no time limit for adjustment in cases related to Section 245.
