In a recent update that could leave income taxpayers in dismay, the government has declared that refunds will not be issued for income tax returns (ITRs) that have not undergone e-verification.
The news comes as a shock to many who filed their ITRs on time, expecting a timely refund.
However, the government has now clarified that only those taxpayers who have completed the verification process will receive their refund money for the financial year 2022-23.
ITR Refunds at Stake: Government Withholding Payments for Non-Verified Filings
For taxpayers eagerly waiting for their ITR refunds, there might be disappointment in store.
According to the Income Tax Department, refund money for this fiscal year is being disbursed exclusively to those who have successfully completed the e-verification process.
If you have not yet verified your ITR, it is highly likely that your refund money has been withheld by the government.
New Rule Alert: 30 Days to Verify ITR and Claim Refunds
The Income Tax Department has introduced a new rule regarding the e-verification of ITRs. Taxpayers now have a limited window of 30 days from the date of filing ITR to complete the verification process.
This revised period comes into effect from 1 August 2022, replacing the previous 120-day window.
Failure to verify within the stipulated time could result in withheld refunds and delayed processing of ITRs.
Income Tax Refund Woes: Only Verified ITRs Eligible for Payments
In an effort to streamline the refund process and ensure proper compliance, the government is strictly enforcing the e-verification requirement.
According to the Income Tax Department, only those who have verified their ITR will be eligible for receiving tax refunds.
This stringent measure aims to curb fraudulent activities and ensure that refunds are directed to genuine taxpayers.
Unlock Your ITR Refund: How to Complete E-Verification
For those yet to complete the e-verification process, there are several methods available:
- OTP Verification: Taxpayers can verify their ITRs by sending an OTP to the mobile number registered with Aadhaar.
- EVC through Bank Account: E-verification can be done by using Electronic Verification Code (EVC) through a pre-validated bank account.
- EVC through Demat Account: Another option is to complete the e-verification process through a Demat account.
- ATM, Net Banking, or Digital Signature: Taxpayers also have the option to perform e-verification using ATM, Net banking, or a Digital Signature Certificate.
In conclusion, if you have already filed your ITR and are expecting a refund, ensure that you complete the e-verification process within 30 days to avoid any delays or complications in receiving your refund money.