Income Tax News: The Income Tax Department of India has issued a significant majority of tax refunds for taxpayers who had filed their income tax returns (ITRs) this year, but many are still delayed.
What’s This Income Tax News About?
The IT department has clarified that incorrect data, verification issues, bogus exemption and deduction claims and bank mismatches are some of the delay causes in issuing the tax refunds.
Over the last few weeks, many taxpayers in the country received SMS and emails saying that their income tax refunds have been put on hold. This were primarily because the department claimed that some taxpayers submitted deduction and exemption claims that seem to be “bogus or out of line.”
What’s The Deadline To Correct ITRs?
The Income Tax Department has asked taxpayers to voluntarily correct their income tax returns by December 31, 2025. They can submit the data maximum by January 1, 2026 after the payment of a nominal fee.
However, taxpayers are asking for a date extension as they believe the income tax notification came to them only a few days back. Moreover, they claim that they were not prepared for this and the holiday season is also delaying a response from their side. Taxpayers can visit the Income Tax website to refile their income tax returns.
