Income Tax Refund: If you have filed Income Tax Return and are now waiting for refund, then this news is for you. According to the government, the refund process has now become faster. Usually the refund comes between 10 days to a month. But if your income tax refund has not come yet, then let us tell you a beneficial thing. The government gives interest to taxpayers on delayed refund. Know here what you should do if the refund does not come and how much interest will be given to you if the refund is received late.
The government will give interest on delayed tax refund
People eagerly wait for their ITR refund. But if you have filled everything correctly and still there is a delay in getting the refund, then do not worry. You will get your money along with interest. If the government delays in issuing your tax refund, then it gives you interest on that tax money (Interest on Delayed Tax Refund). This is given by adding the amount till the date of getting the refund. However, this interest will be available only if you have filed your ITR by the due date.
How much more money will you get
Obviously, now the question in mind will be how much interest will you get from the government? So let us tell you that you are given interest of 0.5% every month i.e. 6% annually. This interest is given to you from 1st April till the date of getting the refund. However, there is another rule in this, that is, if the refund you get is less than 10% of your total tax, then you will not get any interest.
What to do if there is a delay in getting a refund
If you are facing delay in getting refund from Income Tax Department, then first check your mail to see if any email has been sent by IT Department to correct any mistake. If so, then correct that mistake. If there is no such information, then go to IT Department’s site and check the status. For this, first go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html. On scrolling down the page, you will be asked for two types of information, one is PAN number and the second is the year for which the refund is pending, enter these details. Now you have to fill the captcha code. After this, click on Proceed. The status will be in front of you.
Your refund can get stuck due to these reasons
Not e-verifying after filing the return, not responding to the email sent by the Income Tax Department, TDS not matching, account number or IFSC code wrong, account not valid, PAN not linked to Aadhaar, name on PAN card not matching with the name in the bank account, etc.
When should one complain?
If your refund request is not rejected and the refund has not been received, you can complain about it on incometax.gov.in. Apart from this, you can also complain on the toll free number of Income Tax Department 1800-103-4455. This number can be called from 8 am to 8 pm on working days. Apart from this, you can also register your complaint on the e-filing portal.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
