Like the Income Tax Department, there was an option to file returns till 31 July 2024 without late fees. After this, the option of filing returns with late fees was given. On the other hand, if you had filed the income tax return in July itself, but the refund has not been issued yet, then let us know by when will the Income Tax Department transfer this money to your account?
Taxpayers are required to file their Income Tax Returns (ITR) and wait for its approval by the Income Tax Department to know whether they have to pay more tax or they will get income tax refund. This is because only after approving the ITR, the tax department informs the taxpayer whether he has to pay additional income tax or he will get tax refund or the tax calculation has been accepted without any claim of refund or extra tax.
When can the refund be issued?
If you have filed ITR during July and are waiting for income tax refund, then it is important to know when the Income Tax Department can legally send the tax return. According to experts, if someone has filed ITR, then the IT department takes at least 20 days to send the refund. At the same time, the refund can be issued within 9 months after the end of the assessment year.
This means that if you have filed income tax return in July, then the Income Tax Department can issue refund for the financial year 2023-24 by next year i.e. 31 December 2025. Let us tell you that the refund will be issued to only those people whose refund is due.
You can still file ITR
Those who have not filed income tax return till 31st July or have missed to file it by this date, they also have the option of filing ITR. They can file belated ITR before 31st December 2024 for FY 2023-24 (AY 2024-25). According to experts, late ITR can be proceeded till 31st December 2025.
Source (PTI) (NDTV) (HINDUSTANTIMES)