ITR filing 2024: The last date to file the income tax return (ITR) is July 31, 2024 for financial year 2023-24 (assessment year 2024-25).
You will have to pay the difference if your taxable income is greater than the TDS (tax deducted at source) that you paid for the year. Any of the 28 banks that have been approved by the Income Tax Department can be utilized for doing this online. Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India are a few of these banks.
List of authorised banks for tax payments
Tax payments can be made through various authorised banks, including Axis Bank, Bandhan Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, DCB Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Jammu & Kashmir Bank, Karur Vysya Bank, Kotak Mahindra Bank, Karnataka Bank, Punjab National Bank, Punjab & Sind Bank, RBL Bank, State Bank of India, South Indian Bank, UCO Bank, Union Bank, and Dhanlaxmi Bank.
Read Also: Want to file ITR but your PAN card is inoperative? Here’s how you can do it
Income Tax Refund process
The tax authority will provide you a refund if your TDS and TCS (tax collected at source) payments are greater than your tax liability. This reimbursement will be credited to the bank account associated with your e-portal account and is normally processed within a few days or weeks.
Income tax return processing normally takes 15 to 45 days from the date of e-verification, according to tax professionals. The procedure could take longer for people utilizing the offline verification technique (ITR-V form).
An expert stated that “the time taken by the tax department to process a return can vary widely. While some returns are processed the same day or within a month, others may take six months to a year, depending on the department’s discretion and efficiency.”
The Income Tax Act, 1961, Section 143(1) provides taxpayers with an Intimation following the processing of their ITR. If the financial year in which the return was submitted ends more than nine months ago, no notification will be sent. The deadline for taxpayers to expect this notice is December 31, 2024, for ITRs submitted for FY 2023–24 (AY 2024–25).
If your ITR isn’t processed in a timely manner, you can lodge a complaint via the “Grievance” tab on the income tax portal or contact the Central Processing Centre (CPC) helpline.
Read Also: Income Tax : 10 common mistakes to avoid while filing ITR in India
ITR processing time-affecting factors
The following are some of the variables that may affect how long it takes to process your ITR:
- The form type utilized for ITRs
- The return’s complexity
- The amount of exemption or deduction claims
- Whether Form 16 already addresses these allegations
More complicated forms, such ITR-3, which deal with commercial or professional income, take longer to process than simpler forms, like ITR-1, which are used by those with straight forward income.
Intimations after ITR processing
You will get an intimation notice under Section 143(1) upon processing of your ITR, which may include one of the following information:
- Notification of Tax Demand: Should inconsistencies be discovered, you can be required to pay extra tax as a result of mistakes or modifications.
- Notification of Tax Refund: If no problems are discovered, a refund is given or modified as needed.
- No Demand or Refund: No further action is necessary if the return is processed without causing any changes to the taxpayer’s tax liability.
You can more easily manage the ITR filing procedure and take timely care of any concerns if you are aware of these deadlines and possible results.
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