The last day to submit income tax returns (ITR) was July 31. As of this date, over 7.28 crore personal expense forms for the monetary year 2023-24 were documented, denoting a 7.5% increment contrasted with the 6.77 crore returns petitioned for FY 2022-23, as per a Service of Money discharge on Friday.
Within thirty days of filing, taxpayers are encouraged to verify unverified income tax returns (ITRs). Those who missed the ITR submission deadline must finish their work as soon as possible.
Refund Rules You Should Know Before Income Tax Refunds
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1). Who Is Eligible For Income Tax Refunds?
A tax refund is not available to every taxpayer; just the individuals who are entitled will get one. It is essential to keep in mind that the taxpayer must first e-verify their return before refund processing can begin. Ordinarily, the discount requires 4 to 5 weeks to be credited to the citizen’s record. This time for processing begins on the day the return is verified, not on July 31.
A taxpayer is eligible for an income tax refund when the taxes paid exceed their tax liability. This includes taxes deducted at source (TDS), taxes collected at source (TCS), as well as advance tax and self-assessment tax paid by the taxpayer
2) How To Claim Income Tax Return Before July 31
According to Circular No. 1, even if you missed the July 31 deadline for submitting your ITR, you can still claim your refund for up to six assessment years. 9/2015, provided certain conditions are met.
“You must first apply for a condonation of delay before you can claim a refund under this circular. You can file your ITR online for the past six years concerning the condonation order once it has been approved.
3) When You Refund Witheld, How To Claim it
The department is able to deduct your refund from any outstanding demands from previous years thanks to the income tax laws. Nonetheless, they should tell you prior to making such changes, which isn’t followed all of the time. You can file a complaint on the income tax website by logging into your account if your refund has been misaligned.
