Income Tax Refund: If you get a refund late then the government will give you interest, knowing how much money you will get..

Income Tax Refund: If you have filed an Income Tax Return and are now waiting for a refund, then this news is for you. According to the government, the refund process has now become faster. Usually, the refund comes between 10 days to a month. But if your income tax refund has not come yet, then let us tell you a beneficial thing. The government gives interest to taxpayers on delayed refunds. Know here what you should do if the refund does not come and how much interest will be given to you if the refund is received late.

The government will give interest on delayed tax refund
People eagerly wait for an ITR refund. But if you have filled everything correctly, still there is a delay in getting the refund, so do not worry. You will get your money along with interest. If the government delays issuing your tax refund, then it gives you interest on that tax money (Interest on Delayed Tax Refund). This is given by adding up to the date of getting the refund. However, this interest will be available only when you have filed your ITR by the due date.

How much more money will you get?
Now the question will be in the mind how much interest will you get from the government? So let us tell you that you are given the interest of 0.5% every month i.e. 6% annually. This interest is given to you by adding up from April 1 to the date of getting the refund. However, there is another rule in this, that is, if the refund you get is less than 10% of your total tax, then you will not get any interest.

What to do if there is a delay in getting the refund
If you are getting a delay in getting the refund from the Income Tax Department, then first check your mail to see if the IT Department has sent an email to correct any mistake. If so, correct the mistake. If there is no such information, then go to the IT department's site and check the status. For this, first, go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html. On scrolling down the page, you will be asked for two types of information, one PAN number and the second year for which the refund is pending, enter these details. Now you have to fill in the captcha code. After this, click on Proceed. The status will be in front of you.

Your refund can get stuck due to these reasons
Not e-verifying after filing the return, not responding to the email sent by the Income Tax Department, TDS not matching, account number or IFSC code wrong, account not valid, PAN not linked to Aadhaar, name written on the PAN card not matching with the name written in the bank account, etc.

When should you complain?
If your refund request is not rejected and the refund has not been received, you can complain about it on incometax.gov.in. Apart from this, you can also complain on the toll-free number of the Income Tax Department 1800-103-4455. This number can be called from 8 am to 8 pm on working days. Apart from this, you can also register your complaint on the e-filing portal.

PC Social media