Income Tax Return: If you also pay income tax, then this news is for you. According to the new IT rules, these people will not get refund money. Know here what is the reason for this?
Income Tax Return: The last date for filing ITR by Income Tax has been fixed as 31 July 2023. ITRs for the Financial Year 2022-23 (Assessment Year 2022-23) are being filled. If you have not filed ITR till now, complete this work immediately, otherwise you will have to pay penalty and unnecessarily your pocket money will increase.
At the same time, filing ITR (Income Tax Return) before the last date, you do not have to worry at the last moment. If you want to get a refund, then the rules of the Income Tax Department have to be kept in mind. At the same time, according to a rule of the department, you will not get the amount even after your refund is made. Know here why this will happen…
Refund comes in one to four weeks
After filing the income tax return, you get a message on the registered e-mail ID, mobile by the Income Tax Department whether your income tax refund has been made or not. If your refund is made, then it is transferred by the department to the linked account in one to four weeks. At the same time, there is a rule of the Income Tax Department, under which you do not get the amount even after the refund is made.
This amount will not be sent to your account?
According to the information given on the ITR filing website Tax2win, according to the notification issued by the Government of India on January 5, 2012, if your income tax refund is made from Rs 100 as per the calculation of the Income Tax Department, then this amount is not sent to your bank account.
Adjusts the amount
If there is a refund of Rs 100 or less, it is added to the next year’s income tax refund. Suppose that in the financial year 2021-22 the amount of your income tax refund becomes Rs 70, then it will not be sent to your account.
In the next year 2022-23, your income tax will be credited to your account by adding both the years. Wherein, if tax liability is made on you, then the amount less than Rs 100 gets adjusted in your income tax.
