Refund awaited in income tax

It has been almost 40 days since the deadline to file the income tax return (ITR) got over on July 31, but many taxpayers have not yet received their tax refunds. Last week, the Central Board of Direct Taxes (CBDT) declared that the department had issued refunds of over Rs 1.14 lakh crore to more than 19.7 million taxpayers between April 1 and August 31. It added that the refunds worth Rs 61,252 crore had been issued back in 19,600,998 cases and corporate tax refunds of Rs 53,158 crore had been issued in 1,46,871 cases. Usually, refunds are issued by the income tax department within 45 days after processing ITR forms. But there can be delays due to many reasons, such as wrong details in the form, return filed but not verified, mismatch with form 26 AS, tax demands for past years, and others. Let's look at how to claim refunds and how to check the status of your claim. How to claim your refund Those who have filed their income tax returns (ITRs) for the last financial year, i.e., FY 2021-22, and have paid more than what was required are eligible for a refund. In many cases, advance taxes paid by individuals and TDS (Tax Deduction at Source) amount are higher than the total tax liability during the financial year. One can ask for a refund while filing their income tax return. Also read:Â A person can claim the refund of the excess tax paid or deducted either by the online method (only for ITR-1 or ITR-4 form) or using the JSON utility. Once the taxpayer fills in all details,...

It has been almost 40 days since the deadline to file the income tax return (ITR) got over on July 31, but many taxpayers have not yet received their tax refunds. Last week, the Central Board of Direct Taxes (CBDT) declared that the department had issued refunds of over Rs 1.14 lakh crore to more than 19.7 million taxpayers between April 1 and August 31. It added that the refunds worth Rs 61,252 crore had been issued back in 19,600,998 cases and corporate tax refunds of Rs 53,158 crore had been issued in 1,46,871 cases. Usually, refunds are issued by the income tax department within 45 days after processing ITR forms. But there can be delays due to many reasons, such as wrong details in the form, return filed but not verified, mismatch with form 26 AS, tax demands for past years, and others. Let's look at how to claim refunds and how to check the status of your claim. How to claim your refund Those who have filed their income tax returns (ITRs) for the last financial year, i.e., FY 2021-22, and have paid more than what was required are eligible for a refund. In many cases, advance taxes paid by individuals and TDS (Tax Deduction at Source) amount are higher than the total tax liability during the financial year. One can ask for a refund while filing their income tax return. Also read:Â A person can claim the refund of the excess tax paid or deducted either by the online method (only for ITR-1 or ITR-4 form) or using the JSON utility. Once the taxpayer fills in all details,...

It has been almost 40 days since the deadline to file the income tax return (ITR) got over on July 31, but many taxpayers have not yet received their tax refunds. Last week, the Central Board of Direct Taxes (CBDT) declared that the department had issued refunds of over Rs 1.14 lakh crore to more than 19.7 million taxpayers between April 1 and August 31. It added that the refunds worth Rs 61,252 crore had been issued back in 19,600,998 cases and corporate tax refunds of Rs 53,158 crore had been issued in 1,46,871 cases. Usually, refunds are issued by the income tax department within 45 days after processing ITR forms. But there can be delays due to many reasons, such as wrong details in the form, return filed but not verified, mismatch with form 26 AS, tax demands for past years, and others. Let's look at how to claim refunds and how to check the status of your claim. How to claim your refund Those who have filed their income tax returns (ITRs) for the last financial year, i.e., FY 2021-22, and have paid more than what was required are eligible for a refund. In many cases, advance taxes paid by individuals and TDS (Tax Deduction at Source) amount are higher than the total tax liability during the financial year. One can ask for a refund while filing their income tax return. Also read:Â A person can claim the refund of the excess tax paid or deducted either by the online method (only for ITR-1 or ITR-4 form) or using the JSON utility. Once the taxpayer fills in all details,...