ITR Refund Stuck? Act Before Dec 31 Deadline or Face Penalties!

• Over 70 lakh ITRs are pending at CPC due to data mismatches; taxpayers must address alerts promptly.
• December 31 is the crucial deadline for filing revised ITRs to correct errors without penalty.
• Ignoring mismatch alerts before Dec 31 can lead to tax demands, interest, and penalties up to 200%.
• An Updated Return (ITR-U) is an option after the deadline but incurs significant additional tax (25-70%).
• Pending refunds after Dec 31 don't expire; IT Dept has 9 months to process and pays 0.5% monthly interest for delays.

Why It Matters: Address ITR mismatches and file revised returns by Dec 31 to avoid penalties and ensure timely refunds.