What is the interest on income tax refund?
income tax refund after you file the income tax return (ITR) for that year. However, the processing of your ITR by the tax department and the issuance of an intimation notice confirming it is necessary before the income tax refund is issued. This intimation notice is provided under section 143 (1) of the Income-tax Act, 1961. This year, the deadline for filing returns for FY 2023-24 (AY 2024-25) is July 31, 2024.
ET Guide to ITR
Who should switch from old to new tax regime now?
No tax refund if you filed ITR with this refund amt
You can be jailed for not filing ITR and paying tax
Neither income tax refund nor any interest is given if you have filed the ITR with this amount of tax refund
The State Bank of India (SBI) processes income tax refunds and deposits them directly into the bank account specified by the taxpayer in their ITR during filing. It is important to provide the correct bank account number and IFS code. Moreover, it is crucial to pre-validate the bank account on the government's new income tax e-filing portal and link the PAN with the bank account.
How to claim income tax refund
A taxpayer can seek a refund for any extra tax amount paid or withheld in a particular fiscal year by filing their income tax returns for that year. From 2018 onward, the tax authority has implemented pre-populated ITRs on the web-based platform. However, it is recommended that the pre-filled information in the ITR form be double-checked to avoid any errors.
Once you've completed the necessary ITR form, your income tax refund
