Importance of Income Tax Refund: Every salaried person whose salary comes under the tax slab has to pay income tax. At the same time, after filing Income Tax Return, you start getting income tax refund.
Let us tell you that every year taxpayers are required to file tax returns by a stipulated time for their tax refund. Failure to do so will only harm you. It is worth noting that by late filing in ITR filing, you do not get any interest on the money later.
Let us tell you that if your income tax refund is 1.5 lakh and it is delayed by 9 months, then you will not get the interest on it later. Along with this, you may also have to pay ITR Late Filing Fees up to Rs 5,000 if you do not file your income tax return on time. So try to file your ITR on time. You can also claim your refund after filing ITR.
What happens if ITR is not filed?
It has been seen many times that people forget to claim tax refund in the last financial year. In such a situation, they get to know about it next year. But, by then the deadline has passed. But, in such a situation also there is a special provision. For this a board circular 2001 has been issued. According to this, in the current financial year, you can claim late refund for the last 6 years. But, you will not get any interest in this refund.
Let us tell you that if your refund limit is only up to Rs
1 lakh, then to get this account, you will have to apply to the concerned Commissioner of Income Tax (CIT). At the same time, if your refund limit is from 1 to 5 lakh rupees, then you will have to give an application to the Chief Commissioner of Income Tax (CIT). On the other hand, on the return of more than 5 lakhs, you will have to apply to the Central Board of Direct Taxes (CBDT). Keep in mind that you also get tax on refund if you file ITR on time.
