New Delhi, Feb. 18 -- The introduction of the Income Tax Bill 2025 in the Lok Sabha sparked concerns among taxpayers about their eligibility for refunds if they file their Income Tax Return (ITR) after the due date. Initial reports suggested that the new bill would prevent late filers from claiming refunds, marking a shift from the current Income Tax Act, 1961, where individuals can still claim a refund if they submit a belated return by December 31 of the assessment year.

Experts are highlighting on social media that the new income tax bill, expected to take effect in FY2026-27, may eliminate refunds for taxpayers who fail to file their returns by the due date.

"Under the Income Tax Act, 1961, there's no bar on claiming a refund solely...