If you’ve been waiting for your overdue tax refunds for the years 2017-18, 2018-19, and 2019-20, there is some good news for you. The Income Tax department has recently addressed the glitches and other issues that had been hindering the processing of Income Tax Returns for these years. They have also assured taxpayers that their refunds will be credited by January 31, 2024. This is a welcome relief for taxpayers who have been eagerly waiting to receive their refunds. It’s great to see the Income Tax department taking proactive steps to resolve these issues and provide timely refunds to taxpayers.
Good news for taxpayers awaiting income tax refunds for financial year 2017-18, 2018-19, and 2019-20. The Income Tax department has addressed processing issues and assured that refunds will be issued by January 31, 2024, if the ITR aligns with their assessment.
Good news for taxpayers: even belated ITRs for financial year 2017-18, 2018-19, and 2019-20 are eligible for refunds. However, ITRs under scrutiny, with payable demands, or pending due to reasons attributable to the assessees will not be refunded. Before crediting to bank accounts, an intimation notice will be sent to the registered email ID.
The income tax rules stipulate time limits for processing filed ITRs. Earlier, the department had a year, but now they have a 9-month window from the financial year’s expiry. If the time limit is exceeded, there is nothing that can be done.
Taxpayers should note that December 31 is the deadline for filing belated/revised ITR for the assessment year 2023-24, provided the assessment has not been completed before that date. Filing belated returns after December 31 will attract a fee of ₹5,000 (under Section 234F of the Income Tax Act, 1961). If the total income is not more than ₹5 lakh, the maximum penalty for the delay is ₹1,000. Taxpayers who have tax liabilities will be charged interest at 1% per month after the due date until the ITR is filed.
