Tax refund deadline | Image:Pixabay
Tax Refund Deadline: The Income Tax Department has announced a deadline of April 30 for approving pending tax refunds, according to a recent report by Business Line carried by many media houses. Last month, it was revealed that refunds totalling over Rs 3.36 lakh crore were issued in the fiscal year 2024 up to March 17, compared to Rs 2.98 lakh crore in the same period in fiscal 2023.
Following the opening of the portal for Assessment Year 2024-25 on April 1, over 46,000 income tax returns (ITRs) have been filed within the initial five days, with approximately 3,000 already processed.
Taxpayer action timeline
The department has devised an interim plan for expediting tax refunds this fiscal year, outlining a timeline for various taxpayer-related actions. Immediate attention has been directed towards approving pending refunds by April 30, particularly those withheld under section 241A due to potential adverse revenue impact.
Officials stress the importance of approving all pending refunds related to e-returns filed on the Income Tax Business Application (ITBA) for all assessment years by April 30. Additionally, a deadline of June 30 has been set for the disposal of penalties in at least half of the cases set to become time-barred by March next year.
TDS application disposal
Regarding Tax Deducted at Source (TDS) cases, officials have allocated one month for the disposal of all pending applications as of April 1, 2024, for NIL or lower TDS/TCS. Fresh applications will also be processed within a month from receipt. Furthermore, orders are expected to be passed by June 30 for cases where TDS surveys were conducted up to March 31, 2024.
Overall, these initiatives aim to streamline the tax refund process and enhance taxpayer satisfaction, addressing concerns raised by taxpayers regarding pending refunds from previous fiscal years.
