On Wednesday, the Central Board of Direct Taxes (CBDT) tweeted that, between 1 April 2020 and 11 January 2021, it released refunds worth Rs 1,73,139 crore to more than 15.7 million taxpayers. Income tax refunds of Rs 57,139 crore were released in 15,455,577 instances, and in 210,150 situations, corporate tax refunds of Rs 1,15,999 crore were provided. That being said, on media platforms, many taxpayers lament that they submitted income tax returns (ITRs) between 4-5 months ago, but have yet to receive refunds. That being said, we mentioned in December that within a week’s time, some taxpayers are having refunds.
We also confirmed that the ITRs are reviewed more efficiently and refunds are given around a week of time. That being said, on media platforms, many taxpayers lament that they submitted income tax returns (ITRs) between 4-5 months ago, but have yet to receive refunds. That being said, we mentioned in December that within a week’s time, some taxpayers are having refunds. We also confirmed that the ITRs are reviewed more efficiently and refunds are given within a week’s time. About a week’s time, we have seen individuals receiving refunds. Anything in the background that we have not experienced. This takes place in the case of ITR 1 and ITR. Because of the latest digitally revamped framework (CPC 2.0), That being said, the following may be the factor if you have not yet earned your refund.
If you have incorrect bank details: In compliance with the current protocol defined by the tax department, income tax refunds are only released by digital communication. That ensures the refunds are immediately provided to the taxpayer’s bank accounts. In the event that the bank account number entered in the tax report is inaccurate, the refund will be postponed until the details have been updated. On the income tax department’s website, you can change the bank account details online. In addition, it is necessary that the bank account you have is linked to the permanent account number (PAN).
If you have not prevalidated your bank account yet: To receive the refund, your bank account needs to be pre-validated. You must go to the portal of the income tax department, use your PAN and password to log in, and then go to the profile settings. There, you will notice a pre-validate alternative for your bank account. If your bank is linked to the e-filing portal, pre-validation will be carried out directly via the electronic verification code (EVC) and the online banking mode. Your bank account number, IFSC code, mobile number and email ID linked to that account need to be provided.
If you have not verified your ITR yet: The federal tax return filing process is finished only after you confirm your income tax return. The procedure will not be complete if you don’t do this and the refunds will be postponed.