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 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 case of ITR 1 and ITR 4 are getting processed in around a week’s time of filing of the tax return. This is happening under the "Jhatpat refund scheme" of the tax department.
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:
b) National Securities Depository Ltd’s (NSDL) website.
-Visit 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 log in.
-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 refund.
-Under the “status" menu, you can check the mode of payment, refund amount, date of clearance and so on.
-Alternatively, you can check the refund status on NSDL’s website.-Enter your PAN and select the relevant assessment year to get the relevant details.