New Tax Refund Rules: According to the new Income Tax Bill .. Is it a refund if a late return is filed?
New Income Tax Bill 2025: According to the new Income Tax Bill .. Is it eligible to get refund if the Income Tax Return (ITR) is filed after the expiry date? There was concern among the taxpayers. There are many reports on social media that there is a provision in this new bill that people who file late returns are not eligible to claim refunds. There is no provision for the current Income Tax Act, 1961. Under this law, it can be claimed to be an refund if a return in the year of evaluation is submitted, ie by 31 December.
From the financial year of 2026-27 ..
Experts are highlighting on social media that taxpayers who have failed to file returns within the new Income Tax Act, which will be effective from the financial year 2026-27, can end the opportunity to claim refunds. Even those who have not filed returns on time under the Income Tax Act 1961, there is no obstruction in claiming refund. However, in 2025 there is a new section, income tax bill. Similarly, if the returns are filed late, it is not possible to claim them, ”the tax guru tweeted.
Income tax department
However, this news has gone viral on social media and has created confusion among taxpayers and the Income Tax Department has clarified it. The Income Tax Department has made it clear that there is no change in the corresponding rules. The Income Tax Department posted on its former handle, “Dear @taxguru_in, as described in our FAQs, new income tax bill, there are no policy changes in the provisions of refund in 2025.” The IT department said that according to Section 239 of the Income Tax Act, 1961, the return filing is likely to be reflected in the new bill, which is now reflected in Section 263 (1) of the new bill. “The bill will only strengthen the need to file returns for refund claims, but will not introduce new boundaries,” said the CEO and co -founder Abhishek Soni of Tax 2.
Do excluded organizations need to file income returns?
Yes, relaxed companies are responsible for filing income returns if their total income exceeds taxable amount before allowing exemption.
Has income return filing changed?
No, the time limit for filing income returns (ITR) for each category of taxpayers is still the same. They are now introduced as a table to easily understand them.
Has delay, modified, updated returns have changed?
No, late, revised, updated returns are the same as the Income Tax Act in 1961.
Reference: The above opinions and recommendations are individual analysts. HT Telugu V We recommend investors to contact certified professionals before taking any investment decisions.
