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Refund Delay: Income Tax Payout May Be Stuck If Revised ITR Not Filed By Dec 31, Says Report
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The income tax dept has been sending intimations to taxpayers whose returns show discrepancies, asking them to rectify mistakes and submit a revised ITR by the year-end deadline.
December 31, 2025, is the final date for filing both belated and revised ITRs for the relevant assessment year.
Your income tax refund for AY 2025-26 (FY 2024-25) could face delays if you miss the December 31, 2025, deadline for filing a revised income tax return (ITR), especially if your original return contains errors, mismatches, or ineligible refund claims.
The income tax department has been sending intimations to taxpayers whose returns show discrepancies, asking them to rectify mistakes and submit a revised ITR by the year-end deadline. Failure to do so could result in the case being picked up for detailed scrutiny, potentially delaying refunds and increasing tax liability.
Why December 31, 2025, matters
December 31, 2025, is the final date for filing both belated and revised ITRs for the relevant assessment year. Once this deadline passes, taxpayers lose the option to revise their returns, even if errors are identified later by the Centralised Processing Centre (CPC).
An added complication is timing. If the CPC processes a return after December 31 and then flags an error, the taxpayer will not be able to revise the return to fix it. This could directly impact refund processing and lead to demands, adjustments, or further notices.
Who is most affected?
According to an ET report, salaried employees form a large chunk of those receiving such intimations. In many cases, taxpayers claimed deductions in their ITR, such as those under Sections 80C, 80D, or HRA, without declaring them to their employer at the time of TDS deduction. This results in mismatches between salary data, Form 26AS, and the return filed.
Experts quoted in the report also point out that tax-regime mismatches are common. For example, when tax is deducted under the new regime, but the taxpayer files the return under the old regime while claiming deductions.
Common reasons for refund delays and notices
Refunds may be delayed or flagged due to:
- Claiming deductions that are incorrect, unsupported, or in excess
- Mismatch between ITR data and AIS/TIS or Form 26AS
- Incorrect claims related to HRA or leave travel allowance
- Unsupported deductions for insurance premiums, medical expenses, or donations
- Non-disclosure of income other than salary, such as:
- Capital gains from mutual funds or equity shares
- Income from crypto assets
- Interest income from deposits or other sources
- Such discrepancies prompt the tax department to seek clarification before releasing refunds.
What taxpayers should do
If you receive an intimation pointing out errors or mismatches, taxpayers are advised not to ignore it. Filing a revised return within the allowed timeline, on or before December 31, 2025, is the safest course of action.
Correcting genuine mistakes early helps avoid disallowance of deductions, interest costs, penalties, and prolonged scrutiny, while also ensuring that refunds are processed without unnecessary delays.
If your ITR for AY 2025-26 has any inconsistencies and you’ve received a communication from the tax department, December 31, 2025, is the last window to fix it. Missing this deadline could mean not just a delayed refund, but also deeper tax scrutiny later.
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December 26, 2025, 17:33 IST
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Business
From office desks to dark streets: How the oil crunch is reshaping daily life in different nations – The Times of India
A month into the Middle East conflict, its ripple effects are felt across economies worldwide. The crisis was triggered on February 28, when the United States and Israel launched joint strikes on Iran, setting off a chain of events that has tightened Tehran’s grip over the strategically vital Strait of Hormuz. This narrow sea passage, linking the Persian Gulf with the Gulf of Oman and the Arabian Sea, remains one of the world’s most critical energy routes. At its narrowest, it spans just 29 nautical miles, with limited navigable channels for shipping.Carrying around 20 million barrels of oil daily, nearly a quarter of global seaborne trade, any disruption here has far-reaching consequences. As supplies come under strain, countries are scrambling to manage the fallout while cushioning consumers through a mix of policy responses. While some have raised fuel prices, others restructured taxes to protect consumers.
Vietnam
Vietnam consumers have breathed a sigh of relief as the country has lowered fuel prices. Faced with a sharp spike in fuel costs, Vietnam rolled out emergency measures to bring costs under control. Authorities have suspended environmental protection taxes on petrol, diesel and aviation fuel until mid-April, in a bid to steady the domestic market. The trade ministry described the step as “an urgent and effective solution to stabilize the petroleum market and ensure national energy security amidst the escalating conflict in the Strait of Hormuz, which is creating the ‘biggest energy bottleneck ever’.” The move has led to a steep fall in prices, with petrol dropping by roughly 26% and diesel by more than 15% after earlier surges.
Venezuela
In Venezuela, prolonged high temperatures have intensified pressure on an already strained power system, prompting the government to scale back activity. Interim president Delcy Rodriguez announced a week-long suspension of work across the public sector, including education, as part of an electricity-saving drive. “During this Holy Week, I want to announce that I have decreed days off on Monday, Tuesday, Wednesday, Thursday and Friday for the entire education sector,” she said, adding that the country had endured “45 days of high temperatures.” While essential services will remain operational, the step reflects ongoing challenges in managing electricity demand.
India
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Pakistan
Pakistan is facing mounting pressure from rising fuel costs, with the government adjusting prices selectively while trying to shield consumers. Kerosene prices have been increased by PKR 4.66 per litre to PKR 433.40, effective March 28, even as petrol and diesel rates remain unchanged at PKR 321.17 and PKR 335.86 per litre. Authorities said the decision aims to protect consumers from global price swings, with the state absorbing part of the burden through payments of PKR 95.59 per litre on petrol and PKR 203.88 per litre on diesel to oil marketing companies.At the same time, aviation fuel prices have surged sharply, rising for the fifth time in 28 days. A latest increase of PKR 5 per litre has pushed jet fuel to a record PKR 476.97 per litre, up from PKR 188 at the start of March — a jump of PKR 288. Airlines have already raised fares, with domestic one-way tickets on routes such as Karachi-Islamabad and Karachi-Lahore reaching up to PKR 40,000, while “chance seat” fares have surged by as much as 150%. Amid these pressures, work patterns are also adjusting in response to the energy strain, with measures aimed at reducing overall fuel consumption forming part of the wider response.
Egypt
Egypt has introduced a series of temporary restrictions to reduce energy consumption as fuel costs climb. Retail outlets, restaurants and cafes are now required to shut by 21:00 each night, alongside measures such as reduced street lighting and limited remote working. The government termed these “exceptional measures” in response to mounting pressure on energy supplies. Egyptian PM Mostafa Madbouly said that the country’s petrol expenditure had more than doubled in recent months. Although tourism-related businesses are exempt, the wider economy is feeling the strain, particularly due to reliance on imported fuel.
Sri Lanka
Sri Lanka is tightening energy use as supply disruptions continue to strain the country’s fuel system. With around 60 percent of its energy imported and limited reserves covering barely a month, authorities have reintroduced a QR-based rationing system. Weekly limits have been set, including eight litres for motorbikes, 20 for tuk-tuks, 25 for cars, 100 litres of diesel for buses and 200 for lorries. Fuel prices have also risen by about 33 percent since the start of the war, adding pressure on households.To curb consumption, the government has introduced a no-work-on-Wednesday policy, shutting offices and schools on that day. Alongside fuel shortages, Sri Lankan citizens are also struggling with disrupted fertiliser supplies which could push food prices higher, with estimates pointing to a potential 15% increase, further compounding the cost-of-living strain.
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Vijaypat Singhania, former Raymond chairman, Padma Bhushan awardee and noted aviator, has passed away.He died in Mumbai at the age of 87.His son Gautam Singhania, chairman and managing director of the Raymond Group, announced the death on microblogging platform X.A company spokesperson said Singhania passed away “peacefully” and his last rites will be performed on Sunday, reported PTI.A recipient of the Padma Bhushan, Vijaypat Singhania was known not only for his leadership at Raymond but also for his passion for aviation. He held a world record for achieving the highest altitude in a hot air balloon.He led Raymond as chairman for around two decades until 2000, after which he handed over the reins of the company to Gautam Singhania. He had also transferred his entire 37 per cent stake in the company to his son.Vijaypat Singhania and Gautam Singhania were later involved in legal disputes, which were subsequently resolved.
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