These people do not receive a refund despite filing the ITR, find out whether they will receive it or not!
All taxpayers are required to file income tax returns. The last date of filing ITR for FY24 and FY25 on July 31 is slowly approaching. Many people have filed their ITR in the last few days. Some people are planning to fill it in the coming days. Some people have now started waiting for the refund. However, despite filing ITR, not everyone is getting the refund. Let us know why people are not getting a refund even after filing ITR.
When do I receive the refund?
Many times it happens that after filing ITR, we notice that we have paid more tax or more TDS has been deducted from us. In such a situation, you can claim refund of the additional deducted tax by filing ITR. After filing ITR, the Income Tax Department examines your form and then processes your refund.
The refund now comes directly to the bank account linked to your PAN. But, to get a refund, your bank account needs to be valid. According to the Income Tax Department, taxpayers will have to add their bank account to the e-filing portal or update their existing bank account information and verify it.
Who does not receive a refund?
According to the Income Tax Department, there is a limit to get a refund from ITR. If your tax claim is less than that limit, then the refund is not available. As per the information, according to the Income Tax Department, if your refund is eligible, it is directly transferred to your account within a few weeks after the ITR is processed. But if the refund amount is less than Rs 100, that money is not deposited in your account.
But it is not that you will never get this amount. The amount up to Rs 100 initially remains in the government account and the next time the refund comes, the amount will be adjusted to Rs 100 or less. So, in the next financial year, the pending refund money will be added to this Rs 100 and deposited in your account. But both the money will be added together and received only if the amount is more than Rs 100.
This is the rule
In this regard, a government press release says, the rule of depositing a refund less than Rs 100 in the account is not applicable but will be adjusted in the future income tax refund. As per the rules, refunds less than Rs 100 are not processed and the Income Tax Department does not even deposit them in the taxpayer’s account. The Income Tax Department first informs the taxpayer about the refund through an information notice. This notice is sent under Section 143(1) of the Income Tax Act. After the ITR is completed and verified, the Income Tax Department sends this notice to the taxpayer.
