Income Tax Refund: The country’s taxpayers have filed ITR in record numbers this year. Taxpayers who have filed ITR are now eagerly waiting for their refund. Currently, the Income Tax Department gives refund within 10 to 30 days. But if your refund is taking more time to come, then there is no need to panic. Yes, if the Income Tax Department takes more time to give your refund, then you will be refunded with interest.
6 percent interest is given on delay in refund
The government pays 6 percent interest per annum to taxpayers for the delay in refund. Interest is paid for the delay in refund from 1 April till the date of refund. But one thing to note here is that if the refund you get is less than 10 percent of your total tax, then you will not be given interest. Along with this, you also have to keep in mind that you will be paid interest only if you have filed ITR before the due date.
If your refund amount is not 10 per cent of your tax and you have not filed ITR on time, you will not be paid interest.
If there is a delay in refund then keep checking your e-mail
If you are facing delay in getting your refund, then first of all you should check your email. Many times it happens that there is some error in the ITR filed by the taxpayers, due to which its processing gets stuck and the refund is not finalized. Apart from this, you can also check the status of the refund by visiting the website of the Income Tax Department.
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