Income Tax Department has issued a relief news for taxpayers, November will be very special for these people

Who had filed ITR by 31 July 2023, but till now neither got the refund nor received the notice of demand of outstanding tax nor received any information in this regard. Now there is relief news for such people…

According to the new instructions of the Income Tax Department, if a taxpayer has filed Income Tax Return (ITR) on time for the financial year 2022-23, but the outstanding tax has not been refunded yet or any old refund is pending, then November 2025 will be very special for such people, because these cases will now be settled in November this year itself.

For those who have filed Income Tax Return on time for the financial year 2022–23 i.e. assessment year 2023–24, and have not received any refund yet, or there is any other old pending refund, then this news can be a relief for you. The Income Tax Department has issued an order on June 9, 2025, stating that such ITRs which were filed on time but could not be settled, will now be settled by November 30, 2025.

Pending dues can now be received

This decision has brought relief to all those taxpayers who had filed their ITR by 31 July 2023, but till now neither got a refund, nor a notice of demand for outstanding tax, nor received any information in this regard. Now these ITRs can be settled in any one of the following three forms:

1. Refund will be received – If the tax was paid more, then refund along with interest can also be received.

2. Tax demand notice – If the department feels that the tax has been paid less, then a notice will be received for the outstanding amount.

3. Information about return processing – In some cases, neither refund nor demand notice, just information about return processing will be received.

Nine-month time limit under tax law

According to the Income Tax Act, 1961, there is a nine-month time limit to process the ITR of any financial year. That is, if you had filed the ITR of 2022–23 on time, then the last date to process it was 31 December 2024. But despite filing many returns on time, they could not be processed due to technical reasons. Now the department has relaxed this rule and said that it will now process these returns by 30 November 2025 and by that time you will be sent information related to it.

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Tax evasion by investing in cryptocurrency

The Central Board of Direct Taxes is investigating such suspicious people who have evaded taxes and hidden their income by investing in cryptocurrency. According to an official, emails have been sent to ‘thousands of people’ in this matter and they have been asked to re-check their income tax returns and update the information related to income from transactions in virtual digital assets. He said that these cases are of assessment year 2023-24 and 2024-25.

Tax will be levied at the rate of 30%

The official said that the ITR filed by the taxpayers is being matched with the TDS returns of virtual asset service providers i.e. crypto exchanges and any defaulters found will be further investigated. According to section 115BBH added to the Income Tax Act 1961 through the Finance Act 2022, income from VDA transfer will be taxed at the rate of 30%.

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