ITR Filing Deadline: If you missed the December 31st deadline, there’s no need to panic. You can get your tax refund by making corrections under Section 154. Just keep in mind that the mistake must be “clear from the records.” This facility is a relief for millions of taxpayers who want to ensure their hard-earned money is safe.
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ITR Filing Deadline: With the start of the new year, millions of taxpayers are wondering: Is their tax refund stuck after missing the December 31st revised ITR deadline? The good news is that this isn’t the case. The Income Tax Act provides a legal way to correct your mistake and receive your refund.
For the financial year 2024-25 (assessment year 2025-26), the last date for filing revised and belated ITRs was December 31, 2025. Those who failed to rectify their returns by this date still have the option of Section 154. You can file a ‘Rectification Request’ under this section. This facility applies to errors that arise after your return has been processed, such as missed deductions, incorrect calculations of income, or missing tax credits.
How to proceed?
– First, log in to the Income Tax e-filing portal.
– Go to the ‘Services’ tab and select the ‘Rectification’ option.
– Here, you’ll need to provide your assessment year, return details, and the error.
– Submit the request after verifying your Aadhaar or PAN.
– If the refund has already been issued but hasn’t reached the bank, update the pre-validated bank details for ‘Refund Re-issue’.
This entire process typically takes 4-6 weeks. Please note, this option is only for clear and record-matching errors, not for adding new information.
Checking the refund status is essential. Log in to the portal, select ‘Refund Status’, enter your PAN and AY. The status will appear as ‘Refund Issued’, ‘Processing Underway’, or ‘Refunded to Bank’. If there’s a delay, check the intimation email or SMS related to your PAN. Update your bank details if they’re incorrect. Taxpayers also receive a 0.5% monthly interest rate on any refund delays.
Experts say this process offers significant relief to taxpayers. People often file their ITRs in a hurry and later realize they’ve omitted crucial information. In such cases, the opportunity to make corrections under Section 154 can save them from financial loss.
It’s worth noting that the tax department recently sent notices to thousands of taxpayers, asking them to file revised ITRs because mismatches were found in their returns. However, this remains the last resort for those who failed to make corrections in time.
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