Missed to file income tax return by last date? You can still claim ITR refund, here’s how

For individuals who have filed their income tax return (ITR) and are expecting a refund, it’s crucial to know that the income tax department will not process your refund until your return is e-verified. You can e-verify your return using options on the e-filing portal, such as Aadhaar OTP, net banking, or sending a signed ITR-V to the department.

After e-verification, the tax department will process your return. Refund processing typically takes four to five weeks, but it can vary based on the complexity of your return.

How to track your refund status

You can monitor the status of your refund through the Income Tax e-filing portal. Regularly check the “Refund/Demand Status” section for updates.

To check your income tax refund status, visit the e-filing portal at eportal.incometax.gov.in/iec/foservices/. Log in with your user ID and password. If your PAN is not linked to your Aadhaar, you will see a pop-up message indicating that your PAN is inactive. To resolve this, click the ‘Link Now’ button to link your PAN with Aadhaar, or select ‘Continue’ if linking is not required. Next, go to the ‘e-File’ tab, select ‘Income Tax Returns,’ and then click ‘View Filed Returns.’ Here, you can check the refund status for the desired assessment year and view detailed information, including the lifecycle of your filed ITRs. The refund status may fall into one of four scenarios: the refund has been issued, the refund has been issued but is partial, or the department has adjusted the total refund.

If you fail to file your ITR by 31 July, which is the last date for filing your ITR, you can still claim your refund. “You can file your late ITR until December 31, but be aware that a penalty and late fee will apply. As a result, your refund amount will be reduced by the amount of the late fee,” explained tax and investment expert Balwant Jain.

Last week, the Income Tax Department of the Government of India reported that over seven crore ITRs were filed by the July 31 deadline, marking the end of the submission period.

Meanwhile, on July 23, 2024, Nirmala Sitharaman unveiled the Union Budget for the year, marking the first budget of Prime Minister Narendra Modi’s NDA alliance government in its third term. Following the passage of the Appropriation Bill for central government expenditures for the fiscal year 2024-25, the Lok Sabha commenced discussions on the Finance Bill.

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