If TDS is deducted more than the tax liability, then you can claim refund by filing ITR. In ITR filing, you have to provide the name of the bank and its IFSC code. By giving both these information, the Income Tax Department will give you a quick and easy refund.
Income Tax Refund: The Income Tax Department has so far issued a tax refund of Rs 1.59 lakh crore in the current financial year. One of the major reasons for getting stuck in income tax refund can be a mistake in the bank account details.
New Delhi. The Income Tax Department has refunded more than Rs 1,59,192 crore to more than 1.74 crore taxpayers till January 17, 2022 in the current financial year (2021-22). This figure is for refunds made between April 1, 2021 and January 17, 2022. Of this, the personal income tax refund was Rs 56,765 crore, while the tax refund of corporates was Rs 1,02,42 crore.
Income Tax Department tweeted and said, “CBDT has refunded more than Rs 1,59,192 crore to more than 1.74 crore taxpayers between April 1, 2021 to January 17, 2022. Income tax refund of Rs 56,765 crore has been issued in 1,72,01,502 cases and corporate tax refund of Rs 1,02,428 crore has been issued in 2,22,774 cases.
In another tweet, the department said that this includes 1.36 crore refunds for AY 2020-21 (financial year ended March 31, 2021) amounting to Rs 26,372.83 crore.
Significantly, in the last financial year 2020-21, the Income Tax Department had issued tax refunds of Rs 2.62 lakh crore to 2.38 crore taxpayers. This was 43.2 percent more than the refund of Rs 1.83 lakh crore issued in the financial year 2019-20.
The Income Tax Department said in a tweet that for the assessment year 2021-22, so far more than 4 crore people have filed their Income Tax Returns. If you haven’t filed your return yet, file it now.
How to claim TDS refund – If TDS is deducted more than the tax liability, then you can claim refund by filing ITR. In ITR filing, you have to provide the name of the bank and its IFSC code. By giving both these information, the Income Tax Department will give you a quick and easy refund. If you do not have taxable income then you have to apply for lower or nil TDS certificate. You can do this work by filling Form 13 under section 197.
You have to submit this form to the TDS deductor. If you are not earning from the interest of the banks, then you will have to give this information under the 15G form. ITR refund is credited to your bank account within 3-6 months of filing ITR. The tax department takes so much time because it has to do e-verification.
How to Check Your Refund Status
>> First of all go to the new website of Income Tax Department (ITR) http://www.incometax.gov.in .
>> Enter your User ID and Password there.
>> After logging in, you will see the option of e-filing.
>> Now you select Income Tax Returns.
>> After that click on View File Return.
>> After which the details of your ITR will be visible in front.