If tax refund is not received yet, then do this work immediately, money will come in the bank account soon - Newztezz Online


Tuesday, August 31, 2021

If tax refund is not received yet, then do this work immediately, money will come in the bank account soon

The Income Tax Department has asked taxpayers to send online replies expeditiously in order to expedite the settlement of pending tax refunds for the assessment year 2020-21. 
According to an official statement, 93 per cent of the tax refund claims made in the income tax returns filed for the assessment year 2020-21 have been settled so far. According to the statement, Rs 15,269 crore was released as tax refund last week. It will soon be sent to the accounts of the taxpayers.

It said that the department is in the process of approaching taxpayers for resolution of pending refunds for assessment year 2020-21, where notice is a matter and response is required from taxpayers. These are the cases where tax refund has not been made due to adjustment, wrong adjustment and reconciliation of bank accounts under section 245 of the Income Tax Act.

Processing-refund of ITR-1 and ITR-4 started

According to the statement, the department has asked the taxpayers to respond 'online' expeditiously so that the processing of ITR for the assessment year 2020-21 can be done expeditiously. The tax department also said that it has started processing and refund of ITR 1 (ITR-1) and 4 (ITR-4) for the assessment year 2021-22. If there is a case of refund of tax, it will be credited to the bank account of the taxpayer.

Refund of Rs 51531 crore issued till 23 August

According to the statement, for the financial year 2021-22, the Income Tax Department has issued refunds of Rs 51,531 crore till August 23. This includes income tax refund of Rs 14,835 crore in 21,70,134 cases and company tax refund of Rs 36,696 crore in 1,28,870 cases.

In the last financial year 2020-21, Rs 2.62 lakh crore was returned to more than 2.37 crore taxpayers. This is 42 percent more than the financial year 2019-20.

Check Refund Status Here

To check the status of the refund amount sent by the Income Tax Department, one has to visit the new e-filing website of the department. Log in here. After logging in, you can check income tax refund status here.

Money will not come if ITR is not verified

If your ITR has not been verified in the profile, then send a request for re-verification with the help of your Aadhaar or send the signed ITR-V form by speed post to the Income Tax CPC office. Until this process is not completed, the refund amount will not be credited to your account.

Taxpayers can request the department to expedite ITR processing by filing a complaint petition to the CPC or the Assessing Officer.

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