Income Tax Update: Big news for income tax filers. If you have already filed your Income Tax Return (ITR) and are waiting for a refund, there is bad news for you. The central government has announced that refunds will not be issued this time. Taxpayers who have not completed e-verification may face significant difficulties in receiving their refunds. The deadline to file Income Tax Returns (ITR) was July 31, 2023, and those who have not filed their ITR will now be fined Rs. 5,000.
Your ITR refund might be withheld
According to information received from the Income Tax Department, if you have filed for a refund but have not received it yet, it is possible that the government has withheld your refund money.
Why won’t ITR refunds be issued?
The government has started issuing refunds for the financial year 2022-23 to those who have filed their Income Tax Returns. However, this time, the government has stated that only those who have completed the verification process will receive their refund. If you have not completed the ITR verification, you will not receive your refund this time.
30-day timeframe
You are required to complete e-verification within 30 days of filing your ITR. Previously, this period used to be 120 days, but the Income Tax Department has now reduced it to 30 days. This rule has been in effect since August 1, 2022.
Information from the Income Tax Department
If you have not verified your return during this period, your refund money may get stuck, and your ITR process will not be completed. According to the Income Tax Department, tax refunds are only issued to those who verify their ITR.
How to do e-verification?
You can verify your ITR by sending an OTP to your registered mobile number along with your Aadhaar.
EVC (Electronic Verification Code) can be used through a validated bank account.
Alternatively, it can also be done through a Demat account.
E-verification can also be done via ATM, net banking, or digital signature certificate.
