North India Statesman
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News India Live, Digital Desk: that is very true. In the last few days, many taxpayers noticed that there was a slight delay in receiving their Income Tax Refund. People were worried, asking on social media, “Brother, when will the money come?” But when the message came and he saw the amount, he was surprised. The refund amount was slightly more than expected.
Better late than never (and better)!
Actually, there is a rule of income tax which is very useful for the general public. If you have filed your ITR on time, but there is a delay in sending the refund by the Income Tax Department, then the department will issue you a refund. Interest Have to give.
Understand it like if we are late in paying taxes, the government charges us a fine, similarly if the government is late in returning our money, it gives us interest. This Section 244A They say.
How much extra money do you get?
The math is pretty straightforward. If your refund is generated and the department takes time to process it, you 0.5% per month i.e 6% per annum Interest is available at the rate of Rs.
Now just think, nowadays hardly 3 or 4% interest is available in Savings Account. But here your money is growing at the rate of 6%. So if your refund is delayed by two-three months, then understand that you got a small ‘bonus’ for free.
But there is one condition…
This benefit is available only to those people who have not committed any mistake on their part. i.e:
- You have filed the return before the due date.
- The delay may be from the department’s side, not from your side (such as incorrect bank details or non-verification).
How to check?
When you receive a refund message or email, look at it carefully. It is written in it that how much was your refund amount and how much ‘Interest u/s 244A’ is attached on it.
So next time if there is a delay of a week-ten days in getting the refund, do not panic. Just smile and think “The meter is on, the interest is adding up!”
