Good news is for the income tax payers. Now Income tax refund will be available within 15 days. This means that the income tax refund will be paid to taxpayers within 15 days after filing the income tax return (ITR). Previously the average time for income tax refund payment was 2 to 3 months. According to sources, the Central Board of Direct Taxes (CBDT) has asked the Income Tax department to expedite the process of income tax refund.
According to a senior official of the Income Tax Department, the refund of such people has come in 10 to 12 days, whose income tax returns have been submitted and the e-verification has been done. The Income Tax Department is working fast in this regard. According to the official, if the refund is made, but their e-verification is not there, there may be delay in refund. In such a case, it would be better for income tax payers to file the income tax returns as well as do e-verification.
It is worth noting that if tax has been deducted on FD Interest or on any other income, you can file an Income Tax Return and claim a refund. If you do not file an Income Tax Return, you cannot claim a refund. The last date for filing an Income Tax Return for the financial year 2017-18 is August 31.
If you have not yet filed an Income Tax Return, then you still have a chance. You will have to pay a penalty of up to Rs 5,000 if you file a return later. You will not be able to file a return without submitting a penalty.
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