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
The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related to taxpayers, sources said.
“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 of Income Tax Act allows the assessing officer to withhold refund in case “such grant is likely to adversely affect the revenue.”
Last month, the department said refunds amount to over ₹3.36-lakh crore issued in the FY24 till March 17 as compared to refunds of over ₹2.98-lakh crore issued in corresponding period of FY23. There are still some complaints from taxpayers with regards to the pending refund of not just previous fiscal but of earlier years as well.
“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.
Another key deadline has been set for cases getting time barred on March 31, 2025. The concept of time barred can be found under section 148 of the Income Tax Act.
This authorises tax officials to send notice to a taxpayer whose income has not been properly assessed.
In normal circumstances, notice can be issued within three years from the end of assessment years. However, this period can be extended to 10 years in case concealed income surpasses ₹50 lakh.
“June 30 is the deadline for disposal of penalties in at least half of the cases getting time barred next March,” he said.
TDS cases
One month’s time has been given for disposal of all pending applications, as on April 1, 2024 for NIL or lower TDS (Tax Deducted at Source) / TCS (Tax Collected at Source), said an official.
“All fresh applications will also be disposed within a month from the receipt,” he said.
It has also been decided to pass order by June 30 in cases where TDS survey conducted up to March 31, 2024.
In another news, over 46,000 income tax returns (ITR) have been filed in the first five days after the portal for Assessment Year 2024-25 opened on April 1. Of these, nearly 3,000 has already been processed.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 12 Apr 2024, 04:34 PM IST