Here’s How To Claim Tax Refund If You Missed The ITR Deadline

Here’s How To Claim Tax Refund If You Missed The ITR Deadline

The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability. Taxpayers must file their income tax returns (ITRs) and e-verify them to claim the refund. If you have missed the last date of filing an ITR—July 31 for FY23-24—you can still file your ITR by December 31, 2024, by paying a penalty of Rs 5,000. Such an ITR will be known as a belated return. However, to claim a refund, you will still have to e-verify your belated ITR. E-verification can be done on the e-filing portal through Netbanking, Aadhaar OTP, or by sending a signed ITR-V form. Typically, the income tax department takes 4-5 weeks to process the refund, depending on the case.

1. Log in to the income tax e-filing website and enter your user ID and password. If your Permanent Account Number (PAN) is not linked to your Aadhaar, a pop-up message will appear indicating that your PAN is inactive. Click ‘Link Now’ to link your PAN with Aadhaar, or select ‘Continue’.

2. Select the applicable ITR form.

3. If your bank details are not updated, navigate to the profile section, choose ‘My Bank Account’ and click on ‘Revalidate’.

4. Update bank account details, such as the account number, IFSC Code and click on ‘Validate’.

5. To add a new bank account, click on ‘Add Bank Account’ from the ‘My Bank Section’ and follow the steps.

6. Click ‘submit’ to file your return. To e-verify, submit the OTP received on your mobile (linked to Aadhaar).

7. Your return has been filed. To check the status, visit the income tax website after 4-5 weeks.

8. Go to the ‘e-File’ tab, select ‘Income Tax Returns.’ Click ‘View Filed Returns.’

9. Click on the assessment year from the drop-down menu and check the status. The refund status may indicate whether a refund has been issued, if it is partial, or if the department has adjusted the total refund against any pending tax due.