Over 7.28 crore income tax returns were filed for FY 2023-24 by the July 31 deadline, a 7.5% increase from the previous year, according to the Ministry of Finance.
As of the final deadline on July 31, more than 7.28 crore income tax returns (ITR) were filed for the financial year 2023-24, according to a statement from the Ministry of Finance. This marks a 7.5% increase compared to the 6.77 crore returns filed for the previous financial year, 2022-23. Taxpayers are reminded to verify their unverified income tax returns within 30 days of filing. Those who missed the deadline must complete their submissions as soon as possible.
In an interview with Livemint, Balwant Jain, a tax and investment expert based in Mumbai, discussed various aspects of income tax refunds under the Income Tax Act. Not all taxpayers are eligible for a tax refund; eligibility is determined by whether the taxes paid exceed the taxpayer's tax liability. This includes taxes deducted at source (TDS), taxes collected at source (TCS), as well as advance tax and self-assessment tax. Refund processing begins only after the taxpayer has e-verified their return and typically takes 4 to 5 weeks from the date of verification to be credited to the taxpayer's account. Jain emphasized the importance of ensuring that bank account details are correctly validated when filing the ITR since refunds are directly credited to the taxpayer's bank account.
For those who missed the July 31 deadline, Jain explained that it is still possible to claim a refund for up to six assessment years, as per circular no. 9/2015, provided certain conditions are met. Taxpayers must first apply for condonation of delay. Once this is approved, they can file their ITR online for the past six years, referencing the order that granted the condonation.
Additionally, Jain highlighted situations where refunds might be withheld. The income tax department is allowed to offset refunds against any outstanding demands from previous years. However, they must notify taxpayers before making such adjustments, which is not always followed. If a refund has been incorrectly adjusted, taxpayers can raise a grievance on the income tax website by logging into their account. While the department can adjust refunds for past demands, taxpayers cannot use refunds from previous years to cover taxes owed for subsequent years.
Overall, it is crucial for taxpayers to be aware of their refund eligibility, the process for claiming refunds, and the potential for refunds to be adjusted against past dues. Ensuring proper verification and addressing any discrepancies promptly can help in receiving refunds efficiently.
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