ITR News: Taxpayers are going to get relief in cases of income tax refund. ITR of many taxpayers could not be processed due to expiry of the deadline. Now the refunds stuck till January 31 will be issued.
Income Tax Refund: Taxpayers are going to get relief in income tax refund cases stuck due to technical reasons. Especially for those who have not received refund for the last four assessment years. The Income Tax Department will settle these cases expeditiously and release the outstanding amount in the accounts of the concerned taxpayers by January 31, 2024. An order has been issued by the department in this regard.
According to the department, the Income Tax Returns (ITR) of many taxpayers could not be processed due to expiry of the deadline. At the same time, in some cases, due to technical problems in ITR, they could not be verified. Due to this, the refund claims of the taxpayers could not be settled.
These conditions must be met
According to the Income Tax Department, refund in such cases will be issued only if the calculations made by the taxpayer in the ITR match the calculations of the Income Tax Department. As soon as the refund is approved, the taxpayer will be informed by sending an e-mail. Income tax refund will be issued to them by January 31, 2024.
According to the order of the department, first the ITR of those people who have not received refund for the financial years 2017-18, 2018-19 and 2019-20 will be processed. After this the cases of assessment year 2020-21 will be taken up.
Nine-month time limit: As per existing rules, the Income Tax Department has to process ITR and issue refund within nine months from the end of the financial year. For example, ITRs filed for FY 2021-22 (Assessment Year 2022-23) will be processed by December 31, 2023. Earlier, the tax department got one year time from the end of the financial year in which the ITR was filed.
Refund stuck due to these reasons
Persons whose ITR is to be verified
ITR could not be processed due to some technical reason
Excess refund has been claimed in ITI
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