Income Tax Refund: Is your Income Tax Refund stuck for the last 5 years? Now you too can heave a sigh of relief. Actually, the government is settling the income tax refund cases pending for the last several years. There is good news for those individuals who have not received their income tax refund for the financial years 2017-18, 2018-19 and 2019-20.
Income Tax Refund : Is your Income Tax Refund stuck for the last 5 years? Now you too can heave a sigh of relief. Actually, the government is settling the income tax refund cases pending for the last several years. There is good news for those individuals who have not received their income tax refund for the financial years 2017-18, 2018-19 and 2019-20. According to an order of the Income Tax Department, these persons will now be able to get their correct refund till January 31, 2024. These individuals have not received their tax refund for a particular year because their Income Tax Return (ITR) could not be processed due to expiry of the return processing deadline, due to which the tax refund got stuck.
Refund will be given if this condition is fulfilled
Income tax refund will be issued only if your ITR calculation matches the calculation of the Income Tax Department. An intimation notice under section 143(1) will be sent to your registered email ID before the income tax refund is credited to your bank account. According to the order of the tax department, it will first process those ITRs, which have not received tax refund for the financial years 2017-18, 2018-19 and 2019-20.
Income tax refund pending for last five years will be available
According to the order, it has been brought to the notice of the Central Board of Direct Taxes (CBDT) that if the refund is stuck due to some technical difficulties or due to other reasons, then it should be received. Income tax refund for assessment years 2018-19, 2019-20 and 2020-21, which are otherwise validly filed under section 139 or 142(1) or 119 of the Income Tax Act, 1961 (‘Act’), will be due on 31 January. Will be given by 2024.
These people will not get the previous stuck income tax refund
- The ITRs which are to be scrutinized.
- Due to some reason, ITR has not been processed by the assessee.
- ITR process in which more refund is demanded after the ITI process.
