Income Tax Return: Do you know that even if your refund is made on filing ITR, under a rule, the department does not return a single rupee to you. Let us know what is this rule?
The last date for filing Income Tax Return on behalf of the Income Tax Department for the financial year 2021-22 (Assessment Year 2022-23) is 31 July. Hope you have filed your ITR. If not done, then you should complete this work as soon as possible. Otherwise, you may face a penalty after this.
Refund comes in one to four weeks,
after filing Income Tax Return (ITR), you get a message from the Income Tax Department on your registered e-mail ID and mobile number whether your Income Tax Refund is made or not. . If your refund is generated by the Income Tax Department, it is usually credited to your account in one to four weeks.
No amount will come in the account,
but there is also a rule of income tax under which no money is returned to you by the department even after making a refund. That is, no amount will come in your bank account. Abhishek Soni, CEO of ITR filing website Tax2win, says that according to the press note issued by the government on January 5, 2012, if your income tax refund is less than Rs 100 according to the calculations of the Income Tax Department, then it is not sent to your bank account. .
The rule applies to the refund of less than Rs 100,
he said that if there is an income tax refund of Rs 100, it gets adjusted in your next year’s income tax refund. For example, if your income tax refund is made Rs 80 in the financial year 2020-21, then it will not be credited to your account. With this, in the next year 2021-22, if your income tax refund is Rs 70, then adding (80 + 70) Rs 150 for both the years will be credited to your account. If this figure is less than Rs 100, then this money is not given by the department.
Not only this, even if you have a tax liability, the amount less than Rs 100 gets adjusted in your income tax. Let us tell you that for the financial year 2021-22, the income tax return filing on behalf of the Income Tax Department has started from June 15, 2022. The last date to file ITR is 31st July. After this, you will have to pay a penalty on filing ITR.
