This month you will get Income Tax Refund which was stuck for many years, money will come directly into your account
The date for paying this year's income tax will be announced soon and it is very important to get its refund after income tax. There are some people who have not yet received the refund of the income tax which was pending for the last many years, so today there is big news for such people. The department has said that these people will get refund next month.
HR Mandi Bhav News, New Delhi: There is a good news for income taxpayers. Tax payers whose old income tax refund is stuck will no longer have to wait long to get it.
The Central Board of Direct Taxes (CBTD) has said in a circular issued on March 1 that the income taxpayers will get the pending tax refund money for the financial year 2020-21 i.e.
assessment year 2021-22 by April 30, 2024. If your tax refund is also due, then you must keep checking your email. It is necessary to do this because the Income Tax Department is giving information to every defaulter through e-mail. If you have not received the e-mail yet, it will come soon.
“It has been brought to our notice that due to some technical issues or other reasons, many valid returns filed for the assessment year (AY 2021-22) 2021-22 are not in compliance with the Act,” the CBDT said in its circular. Could not be processed under sub-section (1) of section 143.
As a result, the information regarding processing of such returns could not be sent within the time limit prescribed under sub-section (1) of section 143 of the Act. “This has led to a situation where taxpayers are unable to receive their valid refunds as per the provisions of the Act, although they are not responsible for the delay.”
Refunds of many income taxpayers are stuck
After the income taxpayer files the return request in the Centralized Processing Center within a specified period, the Income Tax Department issues an intimation notice under Section 143(1) of the Income Tax Act, 1961. This notice means that the ITR filed by the income taxpayer has been successfully processed.
After this, usually the refund amount, if any, is released. Now Income Tax Refund does not take much time. However, many ITRs (Income Tax Returns) filed for the financial year 2020-21 (AY 2021-22) have not been processed yet and due to this the refunds of many tax payers are stuck.
Complete information will be in the intimation e-mail.
All the information related to the income tax refund due to the income tax payer will be given in the intimation e-mail being sent by the Income Tax Department. It is noteworthy that now the Income Tax Department does not take much time in issuing refunds.
Only a few days after filing the income tax return, he gets the information about processing of ITR. After the ITR is processed, the taxpayer is informed through intimation e-mail how much refund he is going to get and the refund amount is deposited in the bank account of the income tax payer after a few days.