Your pending Income tax Refund – till 30 April 2024 IT- Dept

If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line.

• income Tax Refund Deadline: April 30, 2024
  • The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, as reported by Business Line.
• Interim Action Plan:
  • The department has prepared an interim action plan for tax refunds in this fiscal year and established a timeline for various taxpayer-related actions, sources said.
• Immediate Action on Pending Refunds:
  • “Approval of pending refunds has been placed under immediate action. The aim is to approve all pending refunds by April 30, 2024, which were withheld under section 241A and where scrutiny assessments have been completed and necessary orders have been passed,” reported Businessline quoting an official.
• Withholding Refund (Section 241A):
  • Section 241A of the Income Tax Act allows the assessing officer to withhold a refund if “such grant is likely to adversely affect the revenue.”
• Refund Statistics:
  • Refunds amounted to over ₹3.36 lakh crore issued in the FY24 till March 17, compared to refunds of over ₹2.98 lakh crore issued in the corresponding period of FY23.
  • Taxpayers still have complaints regarding pending refunds from not just the previous fiscal year but earlier years as well.
• Deadline for Approval of Pending Refunds:
  • “All pending refunds related to e-returns filed on Income Tax Business Application (ITBA) for all assessment years need to be approved by Jurisdictional Assessment officers or Range Head by April 30,” said an official.
• Time-Barred Cases:
  • Another key deadline has been set for cases getting time-barred on March 31, 2025, as per section 148 of the Income Tax Act, authorizing tax officials to send notices to taxpayers whose income has not been properly assessed.
• TDS Cases:
  • One month’s time has been given for the disposal of all pending applications, as of April 1, 2024, for NIL or lower TDS/TCS, said an official.
  • “All fresh applications will also be disposed of within a month from the receipt,” he said.
  • Orders will be passed by June 30 in cases where TDS survey was conducted up to March 31, 2024.
• Recent Developments:
  • Over 46,000 income tax returns (ITRs) have been filed in the first five days after the portal for Assessment Year 2024-25 opened on April 1, with nearly 3,000 already processed.

Source

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