Pending Income Tax Refund- Many ITRs filed for the financial year 2020-21 (AY 2021-22) have not been processed yet and due to this the refund of many tax payers is stuck.
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 e-mail. 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.
CBDT in its circular said, “It has been brought to our notice that due to some technical issues or other reasons, many of the valid returns filed for the assessment year (AY 2021-22) 2021-22 under section 143 of the Act have not been returned. Could not be processed under sub-section (1).
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 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 intimation e-mail
All the information related to the income tax refund due to the income tax payer will be given in the intimation email 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.
