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The recent delay in income tax refunds for FY 2024–25 has caused uncertainty among taxpayers across India. While many expected quicker processing after filing their Income Tax Returns (ITRs) by the extended deadline of September 16, several refunds are still pending. On Monday, the Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal , provided clarity on the reasons behind these delays and the steps being taken by the department. Current Status of ITR Refunds: What the CBDT Chairman Said According to the CBDT Chairman, low-value refunds have already begun to be released , and the remaining refunds are expected to be processed by end of November or December 2024 . He clarified that the delay is largely due to the tax department identifying cases where wrongful deductions were claimed , necessitating verification before the refunds could be released. Wrongful Deduction Claims: Core Reason Behind Delays The department has detected many returns where taxpayers claimed: H...

The final deadline for filing Income Tax Returns (ITRs) for Assessment Year 2025–26 is September 15, 2025 . The Income Tax Department has reminded taxpayers that no further extension will be granted this year. Already, more than six crore ITRs have been filed, with numbers expected to rise further as last-minute filers complete the process. Earlier, the due date was July 31 , but it was extended by six weeks due to “structural and content revisions” in the ITR forms. The department has also ensured round-the-clock assistance through calls, live chat, WebEx sessions, and social media support. Importance of Filing Income Tax Return Filing ITR is not just a legal obligation; it has multiple practical and financial benefits. 1. Legal Compliance Every person with taxable income above the basic exemption limit must file ITR. Non-filing can lead to penalties, interest, and prosecution in some cases. 2. Proof of Income ITR acts as an authentic document for proof of income. It is oft...