The Income Tax Department has so far issued tax refunds worth Rs 1.50 lakh crore in the current financial year. The department gave this information on Wednesday. Out of this, 1.1 crore refunds worth Rs 21,323.55 crore were issued for the assessment year 2021-22. If you had filed your Income Tax Return and till now you are waiting for your refund, then we are giving those reasons.
Earlier, the department tweeted that the Central Board of Direct Taxes (CBDT) has issued refunds of Rs 1,50,407 crore to 1.48 crore taxpayers from April 1, 2021 to January 3, 2022. The department said that Rs 51,194 crore deposited income tax has been refunded in 1.46 crore cases, while corporate tax of Rs 99,213 crore has been refunded in 2.19 lakh cases.
Check refund status
If your refund is not received then you can check the status through the website of Income Tax Department. You can easily do this work by using your PAN and Login ID and Password.
What is refund
Income tax of the income tax payer is deducted earlier in a financial year on the basis of his projected investment document. At the same time, when he submits the final papers by the end of the financial year, then if on calculation he finds that his tax has been deducted more and he has to withdraw the money from the Income Tax Department, then he can file ITR for the refund. applies for.
Due to refund
Incorrect bank account details in the form
The Income Tax Department now sends the tax refund only to the bank account. In such a situation, if you have filled the wrong details of your account while filling the form, then your refund may get stuck. You can rectify this through the Income Tax Department. You can correct the account details in your form online. Along with this, it is necessary that the bank account details you are giving in your income tax return form are linked with PAN.
Account not preverified
The second biggest reason for not getting refund on time is the non-pre-verified bank account. If the taxpayer does not verify the bank account in which the tax refund is to be received from the Income Tax Department, then the IT refund gets stuck. Therefore, the taxpayer should verify the bank account linked with the Income Tax Department in time. After filing your tax return, whatever return is generated, it will be sent to this account through the Centralized Processing Center of the Income Tax Department.
Not verifying on return time
After filing the income tax return, it has to be verified (verified). Many a times it happens that the taxpayer files the income tax return on time, but he does not verify his return. Your return is not processed until you verify it. Therefore, if you want to get your return soon, then do not forget to verify it.
