Refunds: I-T dept asks taxpayers to ship on-line response for AY 20-21

The Earnings Tax Division has urged taxpayers to “rapidly” ship a web-based response in order that their pending refunds for evaluation yr 2020-21 will be processed expeditiously.

In an official assertion issued on Sunday, it mentioned that until date, 93 per cent of the refund claims in ITRs (Earnings Tax Returns) filed for evaluation yr (AY) 20-21 have “already” been processed.

“Previously week, refunds of over Rs 15,269 crore have been issued which will likely be credited to taxpayers shortly,” it mentioned.

The assertion mentioned that with the intention to “resolve” pending refunds of evaluation yr 2020-21, the division is within the technique of speaking with taxpayers, the place response from taxpayers can be required in circumstances involving notices “for prima facie changes, defects, adjustment underneath part 245 and refund failure attributable to checking account mismatch.”

“The division requests taxpayers to reply on-line rapidly, in order that ITRs in such circumstances of AY 20-21 will be processed expeditiously,” it mentioned.

The assertion mentioned the tax division “has additionally commenced processing of ITRs 1 and 4 for AY 2021-22 and refunds, if any, will likely be issued on to the checking account of the taxpayer.”

“For monetary yr 2021-22, the Earnings Tax Division has issued refunds of over Rs 51,531 crore upto August 23,” it added.

This included Rs 14,835 crore of revenue tax refund in 21,70,134 circumstances and company tax refunds of Rs 36,696 crore in 1,28,870 circumstances.

Over the past yr monetary yr of 2020-21, refunds of Rs 2.62 lakh crore (which is a rise of over 42 per cent over FY 19-20) had been issued to over 2.37 crore taxpayers.

“It might be famous that this included the refunds expedited in a collection of measures offering aid to taxpayers throughout the pandemic,” the division mentioned.

(Solely the headline and movie of this report could have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)

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