Latest news with #PAN-Aadhaar
News18
12 hours ago
- Business
- News18
ITR Filed At 5pm, Refund Received At 9pm: What Took 90 Days Once Is Taking Just 4 Hours Now!
Last Updated: ITR FY2025-26: According to the Income Tax Department's website, refunds usually take around 4-5 weeks, but the actual turnaround time is now often much shorter The process of receiving income tax refunds has become significantly quicker in the country. Previously, it could take over 90 days for taxpayers to receive their refunds. Now, many are reporting that refunds are being credited within just a few hours of filing their Income Tax Returns (ITR). The Income Tax Department has set September 15 as the last date for filing returns for the assessment year 2025-26. Refunds Issued Within Hours According to a report by Financial Express, Arun Prakash, a media professional from Noida, shared that he filed his return using the ITR-1 form at 5:03 pm and received the refund in his bank account by 9:02 pm the same evening. He even shared screenshots of the filing confirmation and refund credit to support his claim. This marks a significant shift from previous years when refunds often took several months to process. The Income Tax Department's improved digital infrastructure has drastically reduced this waiting time. Experts Highlight Same-Day Refunds Previously, refunds typically took almost 90 days. According to the department's website, refunds usually take around 4-5 weeks, but the actual turnaround time is now often much shorter. From 93 Days to 10 Days Finance Minister Nirmala Sitharaman informed Parliament last year that the average refund time in 2013-14 was 93 days. By 2023-24, it had come down to just 10 days. This improvement not only offers relief to taxpayers but also reflects the government's push towards digital governance and transparency. The accelerated refund process is made possible by a fully digital tax system. The department now uses the faster JSON format instead of the older Excel-based filing. Once a return is e-verified, refund processing begins immediately. Verified bank accounts and PAN-Aadhaar linking help ensure that refunds are credited securely and accurately. The system also cross-verifies data provided in returns with third-party sources like the Annual Information Statement (AIS) and Form 26AS. If discrepancies or inflated refund claims are detected, the process may be delayed. Tips for Taxpayers If a taxpayer has pending dues or assessments from previous years, their refund may be withheld. To ensure a smooth process, taxpayers are advised to: This new level of efficiency in refund processing is a welcome move and a clear indicator of the digital strides taken by the Income Tax Department. First Published: July 30, 2025, 13:38 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
India.com
2 days ago
- Business
- India.com
Big Relief To Tax Payers! Deadline Extended For Processing Of E-Filed ITRs Which Were Erroneously Rejected
New Delhi: Central Board of Direct Taxes (CBDT) has announced Relaxation of time limit for processing ofreturns of income filed electronically which were incorrectly invalidated by CPC. CBDT has said that CPC Bengaluru has received grievances regarding erroneous invalidation, due to various technical reasons, while processing the returns filed electronically for different assessment years. The time period for processing these returns has lapsed, latest being 31.12.2024 for A Y 2023-24. Therefore, these returns need to be validated and processed as per law. "The matter has been considered by the Board and it has been decided to relax the timeframe prescribed in second proviso to sub-section (1) of section 143 of the Income-tax Act, 1961 (the Act) in exercise of its powers under section 119 of the Act. The Board hereby directs that returns of income filed electronically upto 31.03.2024 which have been erroneously invalidated by CPC shall now be processed. The intimation under sub-section (1) of section 143 of the. Act in respect of processing of such returns shall be sent to the assessees concerned by 31.03.2026," CBDT said in a circular. All subsequent effects under the Act, including issue of refund along with interest as applicable, shall also follow in these cases. In those cases where PAN-Aadhaar linkage is not found, refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made, CBDT said.
Time of India
2 days ago
- Business
- Time of India
ITR processing deadline extended for wrongly invalidated ITR filed electronically till March 31, 2024
Academy Empower your mind, elevate your skills In a move set to bring significant relief to taxpayers, the CBDT (Central Board of Direct Tax), in a circular issued today, has extended the deadline for the processing of ITRs that were electronically filed up to March 31, 2024, but had been wrongly invalidated by Income Tax Department Centralized Processing Centre (CPC), to the circular, CBDT had received various representations that CPC- Bengaluru (CPC) has gotten grievances regarding erroneous invalidation, due to various technical reasons, while processing the returns filed electronically for different assessment years. The time period for processing these returns has lapsed, latest being 31.12.2024 for AY 2023-24. Therefore, these returns need to be validated and processed as per law.'The matter has been considered by the Board and it has been decided to relax the time- frame prescribed in second proviso to sub-section (1) of section 143 of the Income-tax Act, 1961 (the Act) in exercise of its powers under section 119 of the Act. The Board hereby directs that returns of income filed electronically up to 31.03.2024 which have been erroneously invalidated by CPC shall now be processed. The intimation under sub-section (1) of section 143 of the. Act in respect of processing of such returns shall be sent to the assessees concerned by 31.03.2026', it adds .All subsequent effects under the Act, including issue of refund along with interest as applicable, shall also follow in these cases. In those cases where PAN-Aadhaar linkage is not found, refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made as laid down in Circular No.03/2023 dated 28.03.2023 vide CA Mohit Gupta, 'The move, under Section 119 of the Income-tax Act, 1961, relaxes the time limit for processing such returns, allowing intimation under Section 143(1) to be sent by 31st March 2026. However, refunds will not be issued where PAN-Aadhaar linkage is not completed, as per Circular No. 03/2023'Notably, if you fail to file your ITR by the due date, which is September 15, 2025 for AY 2025-26, you can still file a belated return before the 31st December of the relevant assessment year. However, if taxpayers miss out on this deadline as well, they can file an updated return within 4 years from the end of the assessment year in concern. Also, as per income tax law, the tax department has the power to process an duly filed ITR on or before the end of 9 months from the end of the financial year for which the ITR was filed.
Time of India
2 days ago
- Business
- Time of India
CBDT relaxes time limit for processing income tax returns filed electronically
The Central Board of Direct Taxes provides relief to taxpayers. It extends the deadline for processing certain electronically filed income tax returns. These returns were incorrectly invalidated due to technical issues. Taxpayers who filed returns by March 31, 2024, will benefit. The new deadline for processing is March 31, 2026. This move ensures eligible taxpayers receive refunds with interest. Tired of too many ads? Remove Ads The Central Board of Direct Taxes (CBDT) has relaxed the time limit for processing income tax returns filed electronically that were incorrectly invalidated by the CPC-Bengaluru due to technical CBDT, in circular issued Monday, directed that returns of income filed electronically up to March 31, 2024, which were erroneously invalidated, shall now be processed and intimations of these returns shall be sent to the assessees by March 31, decision will enable assessees to receive refunds along with applicable interest. However, refunds will not be made if PAN-Aadhaar linkage is not found, as per existing CBDT has instructed all concerned to comply with the directive and process the returns accordingly.
News18
23-07-2025
- Business
- News18
Why Students And First-Time Earners Should File ITR Early
Last Updated: When you file ITR, you create documented proof of income. This record often becomes crucial while applying for loans, credit cards or renting property. In India, many students and first-time earners believe filing an Income Tax Return (ITR) is only meant for high-income individuals or business owners. However, even if your annual income is below the taxable limit, filing an ITR can bring long-term financial benefits and should be seen as a good financial habit from the very start of your earning journey. 1. Build a Financial Record When you file an ITR, you create documented proof of income with the Income Tax Department. This record often becomes crucial while applying for loans, credit cards, or renting property. For example, if you plan to buy a car or home in the future, lenders often ask for ITR copies of previous years to assess your repayment capacity. 2. Simplify Visa Processing Many foreign consulates, including those of the USA, UK, Canada, and Australia, require ITR documents as proof of financial stability when you apply for a student or work visa. Having at least a couple of years of ITR filing history strengthens your application. 3. Claim Tax Refunds Even students and beginners may face Tax Deducted at Source (TDS) on stipends, part-time job earnings, or freelance work. Filing an ITR helps claim a refund of any excess tax deducted. For instance, if your stipend is below the taxable limit but TDS has been deducted, you can get the entire amount refunded by filing returns. 4. Carry Forward Losses If you have invested in shares, mutual funds, or crypto and suffered a capital loss, filing ITR allows you to carry forward these losses for up to eight years. These losses can be adjusted against future capital gains, reducing tax liability later. 5. Future Tax Compliance and Discipline Starting early helps students and first-time earners understand the process of filing returns, PAN-Aadhaar linking, and managing digital tax platforms like the income tax portal. This builds confidence and ensures they are well-prepared when their income eventually crosses the taxable limit. 6. Build Better Financial Habits Filing ITR encourages young earners to track income and expenses, invest wisely, and adopt better financial planning. It instils discipline and an understanding of how taxation works in India. Filing ITR is not just a legal formality but an investment in your financial future. For students and first-time earners, it sets the foundation for responsible money management and opens up opportunities that require proof of stable and legal income. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
