Income Tax Refund Status / ITR Refund Status: Central Board of Direct Taxes (CBDT) recently reported that between 1 April 2020 to 11 January 2021, ITR refunds of more than Rs 1,73,139 crore to over 1.57 crore taxpayers (Taxpayers). (ITR Refund) issued. Fearing the expectations of all taxpayers awaiting further extension of due dates for filing IT returns, the CBDT has clearly stated that taxpayers who have not filed IT returns by the stipulated time will have to pay a fine. This process cannot be delayed ‘indefinitely’. This may hamper the functioning of the tax department and the welfare program of the government.
According to the CBDT (Central Board of Direct Taxes), in 2019-20, about 5.62 crore income tax returns were filed by the due date and this year (2020-21) till January 10, already 5.95 ITRs have been filed. The figures for returns filed this year clearly show that the number is higher than last year. Meanwhile, there are many taxpayers who have not yet received ITR refund.
If taxpayers have filed ITRs four to five months in advance, then it is more important for taxpayers to know the time of ITR refund. Under the rule, ITR is refunded in just seven working days after filing ITR. However, some common mistakes can also cause delay in ITR refund.
Incorrect bank account information
The ITR gives the ITR refund online through direct credit to the bank account of the taxpayers. In such a situation, if the taxpayers have given incorrect details of the bank account while filling the income tax form, then their income tax refund can get stuck. Taxpayers can improve their bank account details online.
No pre-verification of bank account
This could be the second most likely cause of delay in ITR refund 2020. Actually, the bank account number of the person is pre-verified i.e. pre-verification is necessary. If the taxpayers do not already verify the bank account in which the ITR is going to refund the ITR, then your work gets stuck. Therefore, it is very important for taxpayers to timely verify the bank account associated with the Income Tax Department.
ITR not verified-
Taxpayers are required to verify the ITR after filing their income tax returns. Many times it has been found that taxpayers file ITR on time but do not verify the returns. In this situation the ITR refund is also stuck. Therefore, taxpayers should not forget this work to get ITR refund back soon.