Income Tax Return Alert: Taxpayers who have filed income tax return (ITR), here is an important update for you. The Central Board of Direct Taxes (CBDT) on Saturday saiod that it has started refunds to more than 23.99 lakh taxpayers worth Rs 67,401 crore between April 1, 2021, and August 30, 2021.
Giving further details, the Income Tax Department on Saturday stated that the income tax refunds of Rs 16,373 crore have been issued in 22,61,918 cases & corporate tax refunds of Rs. 51,029 crore have been issued in 1,37,327 cases.
The ITR refund have been issued amid several difficulties being faced by taxpayers with respect to the new e-filing portal of the Income Tax Department. However, many taxpayers are yet to file their Income Tax Returns (ITRs) due to the issue.
In general, the ITR refund is issued within 10 days of filing ITR but the same can be delayed due to various reasons. However, if you are yet to receive your refund, you can check the ITR status online on I-T department’s website ‘incometaxindia.gov.in’.
The Income Tax Department in general starts ITR refunds when tax paid is more than actual tax owed to the department. Refunds are also initiated to taxpayer when excess Tax Deducted at Source (TDS) is deducted on the interest income from bank FDs or bonds.
How to check ITR refund status online: The individual taxpayers can check refund status on the website of the National Securities Depository Ltd (NSDL) website or the Income-tax department’s e-filing portal. On the NSDL website, you just need to put PAN and Assessment Year (AY) details and click on ‘Proceed’. Fate that the income tax refund status will be displayed on screen.
- First you need to log in to the e-filing portal of I-T department.
- Select View Returns/ Forms.
- Go to ‘My Account’ tab and select ‘Income Tax Returns’.
- Click submit.
- Click on the acknowledgement number.
- A page showing your return details along with income tax refund status will appear.Taxpayers must take note that the refund money will be directly credited to their account or sent to the address through check or demand draft. Hence, they need to ensured that the bank related details are filled correctly while filing ITR.
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