Haven’t received tax refund yet? here is what you can do
ITR 2020-21: The income tax department informed through its official Twitter handle that between April 1 and December 20, it has refunded Rs 1,50,863 crore to more than 11.8 million taxpayers.
Income tax refunds of Rs 47,608 crore have been issued in 11,607,299 cases and corporate tax refunds of Rs 1,03,255 crore have been issued in 201,796 cases.
The income tax department has expedited refunds but in some of the cases, refunds come in a week’s time. The delay in ITR refunds is happening due to the new technologically-upgraded platform (CPC 2.0), the delay is mostly happening in the case of ITR 1 and ITR.
In November, the income tax (I-T) department had tweeted that “It is moving to a new, technologically upgraded platform (CPC 2.0) for faster processing of ITRs. ITRs for AY 2020-21 will be processed on CPC 2.0”.
Refunds in the case of ITR 1 and ITR 4 are getting processed in around a week’s time of filing the tax return. This is happening under the “Jhatpat refund scheme” of the tax department.
ITR 2020-21: Here are the things you can do if you haven’t received refunds despite filing your tax return a few months back:
-Centralised Processing Centre refunds tax within 20-45 days from the day of completion of processing of ITR. From the issuance of refund, the taxpayer eligible for a refund claim up to Rs 5 lakh gets direct bank credit within five to seven business days .
-The tax department can delay refund because there may be a query raised in case there is a mismatch between the tax return filed and the details available with the tax department. The tax department may send a query on your mails, so keep a check and respond it quickly within the timeline for faster processing of return.
-Incorrect bank account details are mentioned in tax form and may also lead to delay in tax refund. Details of the bank account can be corrected online.
-Two ways of checking the status of your refund:a) Through I-T department’s e-filing portal or
b) National Securities Depository Ltd’s (NSDL) website.
-Visit the e-filing portal with your Permanent Account Number (PAN) as your user ID and password under the “registered user” section.
-Go to the “View e-Filed Returns/Forms” section after login.
-Select income tax returns and the relevant assessment year.
-“My Return” new page will be opened and will show the status of your filed return such as ITR filed, verified, ITR processing, issue of refund, or status of the refund.
-Under the “status” menu, you can check the mode of payment, refund amount, date of clearance and so on.
Mean-while, The Covid-19 dummy vaccination drive, aimed at testing India’s vaccine delivery system and other logistics is set to commence today. The dry run, the largest mass immunization program in the country’s history will be carried out in four states- Andhra Pradesh, Gujarat, Punjab, and Assam.
India reported 20,021 new Covid-19 cases in the last 24 hours ending 8 Monday, taking the country’s total tally past 1.02 cr. Of the total cases, 2.77 lakh cases are currently active while over 97.82 lakh people have recovered. With 279 deaths reported on Sunday, the death toll now stands at over 1.47 lakh. At 7.15 lakh samples, the country tested one of the lowest samples on Sunday since August. As a result, new infections are likely to be low on Monday as well. Delhi is now consistently reporting below 1,000 cases, a level that was last seen in August.