The status of the income tax refund: The Central Board of Direct Taxes (CBDT) said that they have furnished ITR refunds of Rs 1,73,139 crore to more than 1.57 crore assessee between 1st April 2020 to 11th January 2021. On 13/01/2020 CBDT said about the development of its Twitter account. From this news, a number of taxpayers complain about several social media platforms for the non-receipt of their income tax refund.
The assessee has done the ITR furnishing for 4 to 5 months priorly. In this concern, it is mandatory for the income taxpayers to determine the ITR refund time which is 7 working days. However, some basic mistakes are required to be checked.
Incorrect Information of Bank AccountThe income tax department furnishes ITR refund online through direct credit to the assessee’s bank account. In these conditions, if the assessee has furnished incorrect details of the bank account during the furnishing of the income tax form then the ITR will be stuck. In these cases, the assessee is urged to clear the details of the same. In the online mode, the assessee can correct the account information in the form. Also, it is to be understood that the bank account mentioned in the income tax form should be associated with one’s PAN. Bank Account Non Pre-verification2nd highest possible cause for ITR delay might be one’s bank account number which has not been verified previously. The IT refund gets stopped if the assessee is unable to verify the bank account where the refund is to come. Thus the taxpayer must verify the bank account linked with the income tax department. Post furnishing the tax return, the furnished returns are to be sent to this account via the centralized processing center of the income tax department. Income Tax Return Non-verificationPost furnishing the ITR the assessee needs to verify the ITR. it is noticed various times that people file the income tax returns but do not verify it. In those cases, the ITR refund gets stuck. Hence one must not forget to verify the ITR if he wants his ITR refund soon. The Status of The Income Tax RefundIf the ITR is not furnished by the department, then the assessee can find the ITR refund status through the website of the income tax department. This can be executed from the PAN card number, login ID, and Password.
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AuthorI am Amit Gupta. I like to write posts about chartered accountants' topic. |