Wednesday, May 25, 2022

I-T dept gives important update on ITR refund status message

The Earnings Tax division has said that it has issued over Rs 1.76 lakh crore price refunds to over 1.65 crore taxpayers on this fiscal thus far. 

Out of the overall revenue tax refunds,  private revenue tax refunds of Rs 58,631 crore have been issued in 1,62,39,742 circumstances and company tax refunds of Rs 1.17 lakh crore have been issued in 2.11 lakh circumstances.

“CBDT points refunds of over Rs 1,76,217 crore to greater than 1.65 crore taxpayers between 1st April 2020 to 18th January 2021,” the revenue tax division tweeted.

January 10 was the final date of submitting Earnings Tax Returns for the monetary yr 2019-20. Nevertheless, the deadline was for taxpayers whose accounts should not required to be audited and who file their returns utilizing ITR-1 and ITR-4 kinds. 

The due date for taxpayers requiring audit is February 15.

ITR-1 is opted by people whose revenue doesn’t exceed Rs 50 lakh whereas ITR-4 is for people, who’ve an revenue of as much as Rs 50 lakh and presumptive revenue from enterprise and different professions.

The revenue tax division is issuing refunds solely electronically this time. Because of this refunds are credited on to the financial institution accounts and if there is a matter with the small print of the identical, the refunds would get delayed.

The checking account particulars may be corrected on-line on the revenue tax division’s portal. It’s to be famous that the checking account is required to be linked with the PAN.

The revenue tax refunds can solely be issued to the financial institution accounts which can be prevalidated. It may be finished on the tax division’s web site. The taxpayers can log in with their PAN and password and select the choice to prevalidate their checking account. It requires a checking account quantity, cellular quantity, IFSC code and electronic mail ID linked to the checking account to complete the method.

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