This year, taxpayers across the country have filed a very large number of Income Tax Returns (ITR). These people have started eagerly waiting for their Income Tax Refund. Usually the Income Tax Department issues the tax refund within 10 to 30 days. But if your refund is getting late, then there is no need to panic. If there is a delay in the Income Tax Department, then you will get a tax refund with interest.
Provision of interest on delay in refund
The Government of India has made a good provision in case of delay in tax refund. This provision is in the interest of taxpayers. If your refund is received late, then you will be given an interest of 6% per annum on it. This interest will be from April 1 to the date of getting the refund. But an important thing to note is that if your refund amount is less than 10% of your total tax paid, then you will not get interest. Also, interest will be given only if you have filed your income tax return before the due date.
What to do if there is a delay in refund?
If your Income Tax Refund is getting late, then first of all check your email inbox. Many times it happens that some minor mistake is made in your income tax return, due to which its processing gets delayed and refund is not received. Apart from this, you can also check the status of your refund by visiting the official website of the Income Tax Department. This information will tell you at what stage your refund is and by when you can get it.
There is no need to panic if there is a delay in Income Tax Refund. The Government of India has made a good provision in the interest of taxpayers – if the refund is delayed, you will be given a full refund along with interest. Just make sure that you file your income tax return correctly and on time. By taking care of all these things, you will be able to get your tax refund smoothly.
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