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ITR Refund Update: Have you also not received your ITR refund yet and despite repeatedly checking the portal, the reasons for the delay are not known. The Chairman of CBDT himself has given the reason for this and has also revealed the possible time of getting the refund.
New Delhi. Even though the Income Tax Department had extended the deadline for filing ITR by 45 days this year, lakhs of taxpayers have not yet received the refund money. After questions were raised about this on social media recently, now the Chairman of the Central Board of Direct Taxes (CBDT) himself has told by when the taxpayers can get their refund money. The Income Tax Department has also said that till now refund has been issued to about 40 percent of the taxpayers who have filed ITR.
Most of the taxpayers who filed income tax returns for the financial year 2024-25 have not yet received their refunds. Most of these taxpayers are also regularly checking the reason for delayed refund on the Income Tax Portal, but they are not getting any correct answer. Now CBDT Chairman Ravi Aggarwal himself has come forward and made the reason for this. He says that many ITRs have not been filed correctly and the department is thoroughly reviewing their mistakes. He has claimed that refunds of more than 40 percent of the returns filed this year have been issued so far.
Some people’s money will come soon
CBDT Chairman said that refunds of some more taxpayers will be issued soon. But, most of the refunds are stuck due to flaws in ITR. In some cases there are problems with calculations and in some cases wrong claims have been made. Claims made on expenses and deductions after the stipulated time limit have also been rejected. Apart from this, many taxpayers have not verified their bank accounts. Most of the ITR verification process is automatic and there is no intervention in it. But, when mistakes are detected, the system itself rejects the refund.
When will the refund money arrive?
CBDT Chairman said that despite all these problems, there is not much time for the refund to come. The remaining taxpayers’ money should also be released by the end of November or in the month of December. The system itself checks once before issuing refunds of large amounts and there may be some delay in this too. Apart from this, according to the budget of the Income Tax Department, sometimes refunds are processed in one cycle. Obviously, refund of larger amounts takes more time to be issued as compared to smaller amounts.
What should taxpayers do if there is delay in ITR?
CBDT has said that taxpayers should also keep checking the Income Tax Portal continuously, so that they can timely reply on the reasons for delay in refund. Many times, tax refund gets delayed due to lack of documents, bank account verification and other information. To settle this on time, taxpayers should keep checking their refund status from time to time.
Where and how to correct your mistake
According to tax experts, taxpayers will know the reason for withholding of refund in the ‘Worklist’ tab near the login on the official portal. Here, along with getting information like filing of revised return along with validation, you will also get information about wrong deduction and credit. Apart from this, taxpayers can also send their complaints directly on the portal and can also take help from the helpdesk of CPC.
Interest will be given on delay in refund
Under the Income Tax Act, if there is no mistake in filing ITR, the Income Tax Department also pays interest on delay in getting the refund. Under Section 244A of the Income Tax Act, taxpayers are given 0.5 percent interest every month i.e. 6 percent annually on the refund amount, if they do not get the refund money within the prescribed limit. The interest period depends on the nature of tax payment and the date of filing the return.
