Income Tax Refund: The Income Tax Department has asked the taxpayers to respond expeditiously, so that the processing of ITR for the assessment year 2020-21 can be done expeditiously.
New Delhi: Income Tax Refund: If you too have not received your income tax refund, then the Income Tax Department has asked the taxpayers to quickly give an online response for the issuance of Pending Refunds for the financial year 2020-21, So that their refund can be issued.
93% claim settled
According to the official statement issued by the Income Tax Department, 93 percent of the tax refund claims made in the income tax returns filed for the assessment year 2020-21 have been settled so far. Last week, Rs 15,269 crore was released as tax refund. It will be transferred to the taxpayer’s account soon.
Work continues on pending refund
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.
Refund processing started
The Income Tax Department has asked the taxpayers to respond expeditiously, so that the processing of ITR for the assessment year 2020-21 can be done expeditiously. The department also said that it has started processing and refund of ITR-1 and ITR-4 for assessment year 2021-22. If there is any tax refund case, it will be credited to the taxpayer’s account.
So many refunds were issued last year
For the financial year 2021-22, the Income Tax Department has issued refunds of more than Rs 51,531 crore till 23 August. This includes income tax refund of Rs 14,835 crore in 21,70,134 cases and corporate tax refund of Rs 36,696 crore in 1,28,870 cases. During the last financial year 2020-21, refunds worth Rs 2.62 lakh crore were issued to over 2.37 crore taxpayers.