Income tax department refunded tax of Rs 1,50,863 crore if you did not get refund! So do
An income tax of Rs 47 thousand 608 crore has been refunded between 1 April 2020 and 20 December 2020. According to the Income Tax Department, Rs 1 lakh 3 thousand 255 crore has been returned in the case of 201,796 in the form of corporate tax.
new Delhi. The Income Tax Department has given a refund of Rs 1 lakh 50 thousand 863 crore across the country till 20 December 2020. Giving information through a tweet, Income Tax said that between April 1, 2020 and December 20, 2020, income tax refund of Rs 47 thousand 608 crore has been given to 11.8 million taxpayers across the country. At the same time, according to the Income Tax Department, Rs 1 lakh 3 thousand 255 crore has been returned in the form of corporate tax in 201,796 cases across the country.
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On the speedy disposal of tax refund cases, Chartered Accountant Tarun Kumar said that, the Income Tax Department has recently expedited the refund of tax through CPC 2.0 technology. According to him, in many cases, it has been found that within 7 days of filing ITR, the tax refund was added to the taxpayer’s account. In many cases, due to non-completion of paperwork, there have been delays.
IT department did its system upgrade last month- Income tax department did a tweet last month and informed that, at present, due to technical reasons, tax refund cases are getting delayed. Chartered accountant Tarun Kumar says that, during this time, the Income Tax Department was upgrading its system. Due to which the cases of tax refunds are being settled fast.
refund is being refunded quickly by the refund scheme – Tax and accounting firm tax man on the refund Deputy General Manager Naveen Wadhwa said that due to the Income Tax Department’s Instant Refund Scheme, refunds are coming back in about a week after filing the return in the case of ITR1 and ITR4. According to him, if you have filed tax return several months ago and your refund has not been returned yet, then you should check it.
Tax is refunded in 20 to 25 daysAccording to Kapil Rana, founder of Hostbook Limited, a provider of tax return filing service, a tax refund comes to your account within 20 to 25 days of filing the tax return. If the refund has not yet been returned to your account, you can check your mail. In which the Income Tax Department may have given reason to stop your refund. With this, you must also check your account number once.
Check the status of tax refunds like this – even if everything is correct, your tax refund has not been returned. So you can check the status of your refund by visiting the income tax department’s e-filing portal and the website of National Securities Depository Limited (NSDL).
You can log into your account on the e-filing portal (www.incometaxindiaefiling.gov.in) using your Permanent Account Number (PAN) as your user ID and password under the ‘Registered Users’ section. Once logged in. See the ‘E-filed Returns / Forms’ section. Select the income tax return and the respective assessment year. A new page ‘My Return’ will open and show the status of your filed return such as ITR filed, verified, ITR processing, refund status or refund status. Under the ‘Status’ menu, you can see the mode of payment. In addition, you can check the refund status on NSDL website (https://tin.tin.nsdl.com/oltas/refundstatuslogin.html). Enter your PAN and select the respective assessment year to get the relevant details.