You will not get this benefit if you file ITR late, know in how many days the refund is credited

Income Tax Return Filing: Now only two days are left to file income tax return. Filing ITR after 31st July will attract penalty. Therefore, you can complete this work beforehand and avoid penalty and hassle of refund. Till 26th July, more than 5 crore taxpayers have filed returns. It is expected that this time more returns will be filed than last year. Last year 6.88 crore taxpayers had filed returns. The Income Tax Department is constantly sending reminders to taxpayers to file returns.

No refund will be given for late filing of returns

The Income Tax Department gives refunds including TDS. If you have also paid TDS during the year and are entitled to other refunds, you must file ITR by July 31, otherwise no refund will be given. The Income Tax Department does not issue refunds to those who file returns after the prescribed deadline.

When will you get a refund?

After filing ITR, most of the taxpayers are now waiting for the refund. But the Income Tax Department has released the refund after processing the taxpayers' returns. Under Section 143 (1) of the Income Tax Act, 1961, the Income Tax Department provides a confirmation message of return processing to the taxpayers. If there is no delay then the refund amount is deposited in the taxpayer's account within a month.

Withdraw funds directly to your bank account

State Bank of India processes the refund of taxpayers. The refund amount is transferred to the taxpayer's bank account. As per the bank details given during return filing, the refund will be credited to the bank account. Apart from this, it is also necessary to pre-validate the bank account on the e-filing portal. The bank account must be linked to the PAN.

Interest will also be charged if there is a delay in refund

According to tax experts, the refund amount is usually credited to the taxpayer's account within a month or two. But if it takes longer than this, the Income Tax Department also pays interest as compensation. The interest rate is 0.5 percent per month. In the last few years, the Income Tax Department has reduced the time taken to process returns. Due to which the time taken for refund has also reduced.