If you have filed your income tax return by 31 July 2024, but are still waiting for the return money. In such a situation, some work should be done.
If you have paid more than the tax liability, you are entitled to get a refund. However, an income tax refund will be issued only when the Income Tax Department processes your ITR.
Refund amount
The refund amount comes directly to your savings account. The refund amount is credited to the bank account details given by you while filing ITR.
Therefore, it is important to check the bank details correctly. Additionally, it is important to pre-verify the bank account and link PAN to the bank account on the government’s new income tax e-filing portal.
How to check refund status
Go to the e-filing portal homepage.
Enter the user ID and password.
Go to the e-file tab > Income Tax Returns > View Filed Returns.
After this, you can check the status of the refund for the assessment year.
How much penalty is levied
Filing ITR after July 31 i.e. after the deadline requires payment of a late filing fee under section 234F of the Income Tax Act.
As per this section, individuals filing late ITR are charged a penalty of Rs 5,000, provided the return is filed before December 31 of the assessment year. The penalty is limited to Rs 1,000 if the total income does not exceed Rs 5,00,000.
Other important information
If you have entered your bank account details incorrectly, the refund amount will not be credited to your account.
Refund processing may take time.
If your refund is pending, you can contact the Income Tax Department.
Documents Required for Income Tax Return Refund
PAN Card
Aadhaar Card
Bank Account Details
Copy of Income Tax Return
Other Required Documents (if applicable)
Useful Tips to Check Income Tax Refund Status
Keep checking your refund status from time to time.
If your refund is pending, contact the Income Tax Department.
Ensure correct bank account details.
Keep all the required documents ready.
For more information on Income Tax Return Refunds, you can visit the Income Tax Department website or contact your tax advisor.