Income Tax Refund: Is your name on the list or not? So many lakh taxpayers will not get a refund!
A large number of income tax returns were filed this year. In the assessment year 2023-24, 6.98 crore ITRs were filed. The Income Tax Department has given refunds to more than 2.5 crore taxpayers out of this. However many taxpayers are still waiting for refunds. Taxpayers are questioning why an ITR refund is not received even after completing all the procedures on time. The Income Tax Department has given reasons for the delay in getting an ITR refund. The department (Income Tax Department) gave this information on Tuesday. Accordingly, income tax refund was not given to so many lakh taxpayers. The logic behind this was also given.
Refund of Rs 2.45 crore to taxpayers
This year, 6.98 crore ITRs were filed in the assessment year 2023-24. Out of which 6.84 crore ITRs have been verified, ITRs have been verified. More than 6 crore ITRs have been processed. Out of these, 2.45 crore taxpayers were given refund amounts in their accounts. However, the Income Tax Department has given reasons why the refund will not be credited to the accounts of some of these taxpayers.
PC: HDFC Life
The process is completed on time
Central Board of Direct Taxes i.e. CBDT gave this information. Accordingly, the processing of ITR was expedited. This year the process was completed on time. The work turned out to be 10 days faster than the average time. Earlier in the assessment year 2019-20, it took 82 days to complete this process. While last year 2022-23 took 16 days.
No refund to these taxpayers
E-verification of ITR filing is required for ITR refund. This is an important process after filing an ITR and getting a refund. All taxpayers must e-verify within 30 days of filing their ITR. Those who did not go through this process. His refund has not come. There are 14 lakh ITRs in the assessment year 2023-24, which have not yet been e-verified.
PC: The Financial Express
While there are 12 lakh ITR from whom more information was sought, but they did not provide the information within the stipulated time. His refund has also been stopped. Refunds are delayed due to not providing income, source, or other information in time.
Adding wrong banking details while making an ITR refund has led to difficulties for some people in getting refunds. No refund will be credited to the taxpayer's account. The name on the bank account and PAN card details should match. The refund will be credited to the same bank account as mentioned in the ITR.