If you’ve already filed your Income Tax Return (ITR) and are eagerly waiting for your refund, here’s a heads up: the central government has some disappointing news.
This time, refund money won’t be given out easily.
The government insists on e-verification, and failing to do so might lead to delays and difficulties in obtaining refunds.
The deadline for filing Income Tax Return (ITR) was July 31, 2023. However, those who missed the deadline will now face a fine of Rs 5000.
Refunds May Get Stuck!
According to the Income Tax Department, if you’ve filed for a refund but haven’t received it yet, there’s a possibility that your refund has been withheld by the government.
Why Won’t You Get Your ITR Refund?
The government has decided to release refund money only to those who have completed the verification process for their income tax returns of the financial year 2022-23.
If you haven’t verified your ITR, you won’t receive the refund this time.
Limited Time for E-Verification
To ensure you receive your refund on time, you must complete the e-verification within 30 days of filing your ITR.
The Income Tax Department has reduced the verification period from 120 days to 30 days, starting from August 1, 2022.
Crucial Information from the Income Tax Department
Failure to verify your ITR within the stipulated time will not only delay your refund but also halt the processing of your ITR.
The Income Tax Department has clarified that tax refunds will only be issued to those who have successfully verified their ITR.
Ways to E-Verify Your ITR
There are several methods for e-verification:
Sending OTP to your registered mobile number linked to Aadhaar.
Using pre-validated bank account for Electronic Verification Code (EVC).
Verifying through Demat account.
E-verification through ATM, Net banking, or Digital Signature Certificate.
Ensure a smooth refund process and avoid unnecessary delays by promptly verifying your ITR.
Stay updated with the latest income tax regulations and avoid any penalties.
