KNOW MORE ABOUT YOUR TAX REFUND RULES

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In July, 6.86 crore ITRs were submitted. 6.28 crore people had completed e-verification as of August 13. 4.6 crore of this have received refunds. There are now over 2 crore awaiting refunds. What is the refund deadline, which many of these people are asking? Tell us the reason for the delay, how long it took to arrive, and what to do if it takes longer.

  • E-verification must be completed within 30 days of ITR filing. If you don’t, your ITR will be invalid. In addition, the Income Tax Department has the option of sending a notification during the refund procedure. If you receive the warning, try not to panic. Consult a tax adviser for information and guidance.
  • Delays in refunds: Refund delays might occur for an assortment of reasons. These include incorrect income information, incorrect bank account information, incorrect TDS/TCS calculations, and missing any necessary papers in the ITR.
  • How long does it take for refunds to arrive?: Refunds often arrive in 20–25 days. The maximum time frame for this, according to tax specialists, is nine months from the conclusion of the fiscal year in which the ITR is submitted. For instance, if you filed your return on July 31 and have not yet gotten your refund, it will be accessible in the following 9 months after March 31, 2019.
  • What to do if the refund is delayed?: Check the status on the e-filing site first if the refund is not received within 30 days after filing the tax return. Make a complaint on the same site if there is no update here. You may also file a complaint by calling the toll-free number 1800-103-4455.

6 Comments

  1. Astha ji

    When a new trader is taxable .. ??
    What are the slabs .. ??
    and
    What the tax return filing dates .. ??

    Tnq.
    Vivek

    1. Dear Vivek Mudgal,
      As per your request, I am about to post a blog which may contain answers of your asked questions. I hope you will find it helpful.
      Regards
      Astha Tripathi

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