Income Tax Refund: Currently, more than Rs 45,896 crore has been reimbursed to 21.32 taxpayers between April 1 and August 2, the Income Tax Department said on Saturday. The Income Tax Department has provided this information on Twitter. Of this, Rs 13.1694 crore has been paid to 20.12 lakh taxpayers under personal income tax and Rs 1.19 lakh to Rs. 32,203 crore has been refunded under the company’s tax chiefs. Earlier, CBDT had repaid Rs 43,991 crore on July 26 in the current financial year.
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CBDT offers a refund of more than Rs. 45,896 crore for more than 21.32 lakh taxpayers between 1st April, 2021 to 2nd August, 2021. Income Tax Refund Rs. 13,694 crore has been issued in 20,12,802 cases and the corporate tax refund is Rs. 32,203 crore in 1,19,173 cases.
– Income Tax India (@IncomeTaxIndia) August 7, 2021
Incorrect bank account details on the entry
The Income Tax Department now only sends the tax refund to the bank account. In this case, if you fill out your account incorrect details, your refund may be caught. You can fix this through the Income Tax Department. You can correct your account details online. In addition, you need to link the bank account details you provide in your income tax return form to the PAN.
The account is not pre-checked
The second biggest reason for not getting a refund on time is a pre-checked bank account. If the taxpayer does not check the bank account that receives the tax refund from the Income Tax Department, the IT refund is stuck. Therefore, taxpayers should check the bank account relevant to the Income Tax Department on time. After filing your tax return, any return generated will be sent to this account through the Income Tax Department’s Centralized Processing Center.
No checking at the time of return
After filing an income tax return, it should be verified (verified). Many taxpayers file income tax returns on time, but he does not check his return. Your return cannot be processed until you have verified it. So, if you want to get your return soon, be sure to check it out later.
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Check the refund status
If you do not receive your refund, you can check the status through the Income Tax Department website. You can easily do this using your PAN and login id and password.
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What is a refund
Income tax payers’ income tax is deducted during the financial year based on their projected investment record. At the same time, when he files the final papers by the end of the fiscal year, if he finds that he has deducted too much of his tax on the calculation and he must withdraw the money from the Income Tax Department, then he can file the ITR for repayment.