The Income Tax Department did not extend the Income Tax Return (ITR) due for the Assessment Year 2024-25 beyond July 31, despite the many petitions from tax experts and ordinary taxpayers. Many taxpayers who file far ahead of the deadline have not yet gotten their tax refunds.
ITR Refund Delay 2024
Even though tax experts and regular citizens asked the Income Tax Department to push the deadline for the Income Tax Return (ITR) for the Assessment Year 2024-25 to July 31, the department decided not to do so. Surprisingly, many people who filed their taxes at the last minute saw their forms processed faster and their refunds processed right away.
Some people who submitted tax returns even earlier are still awaiting their refunds in the meantime. Refunds were provided in some instances within 24 hours of filing while others have waited more than a month for the tax agency to handle.
Many of you who have not yet gotten your income tax refunds might be wondering why your returns have not been handled even if you filed long before the deadline.
How to check your Refund Status on Income Tax Portal?
Logging into the income tax e-filing site can help you to find the refund status should you not have received yet. To determine the status of your refund, please adhere to the following instructions:
- Provide your login credentials while accessing the webpage dedicated to electronic filing of your tax returns.
- Retrieve previous documents, transmit them electronically, and review past income tax filings.
- Identify the assessment year and jurisdiction for the income tax return (ITR) corresponding to the chosen tax year you want to file. The picture below illustrates the return situation for the review year 2024-25. To get further information, use the option “View Details”.
- In addition to the information, a separate window will provide the current status of your return.
- Even if your income tax return (ITR) has been processed, you may still see the status “Processed with refund due” if you have not yet received your refund. The issuance of the return number typically occurs within a timeframe of 20 to 45 days after the conclusion of the ITR procedure.
Causes of the ITR Refund Delay in 2024
The delayed reimbursements for Income Tax Returns (ITR) in 2024 mostly consist of the following:
- Delays are occurring as a result of persistent problems with the Income Tax Department’s website, including prolonged processes and frequent unavailability.
- Due to increased government efforts to combat tax evasion, tax returns are now subject to more rigorous scrutiny and are taking longer to process.
- The propagation of the virus continues to have a significant effect on working time due to backlogs and recruitment challenges.
- When taxpayers make mistakes, like giving wrong income or bank information, they need more proof, which slows things down.
- Refunds designated for extensive research or unresolved disputes from earlier years might wait until issues are addressed.
Will your delayed tax refund generate interest?
Most of the time, the tax refunds take their time. Starting on April 1, 2024, until the refund is issued, should an income tax return be filed before the due date the taxpayer is entitled to interest at a rate of 0.5% monthly or part of a month. Should a filing lag, however, interest is calculated from the date the return is submitted until the refund is processed.
The Income Tax Department does not pay any interest should the refund figure be less than 10% of the actual tax owing under section 143(1) or on regular assessment. Adding more, under section 143(1), or regular assessment, no interest will be payable on refunds less than 10% of the assessed tax.
What to Do if you have Not Received the Refund yet?
The receipt of your ITR marks is merely the commencement of the refund process. Following the validation of your Income Tax Return (ITR), the tax office issues a Section 143(1) letter.
This letter indicates that your Income Tax Return (ITR) has been approved and provides information on tax calculation. If a return is anticipated, it will be documented, along with any related interest.
Kindly reach out to the IT department to request a reissuance of your refund. When reaching out to the IT division, please include your PAN (Permanent Account Number), the assessment year for which the refund was issued, and the exact amount of the return.
Starting a new refund request, follow these guidelines:
- Log into the e-filing website to access your account.
- Sort the “My Account” part.
- Start by selecting “Refund Re-issue” then go on to choose “Create Refund Re-issue Demand.”
- In order to complete the e-verification form, it is necessary to provide your PAN, assessment year, and refund amount.
- Please make another request for a refund.
Typically, customers get their tax returns four to five weeks after the surgery. However, delays may be caused by an error or issues inside the tax department. If your return does not arrive by the deadline, you may need to take the necessary steps.
