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New Delhi: The Income Tax Department has urged taxpayers to send an online response “early” so that their pending refunds for the assessment year 2020-21 can be processed expeditiously.
In an official statement issued on Sunday, it said that as of now, 93% of the refund claims in the ITR (Income Tax Return) filed for Assessment Year (AY) 20-21 have been “already” processed.
“Refunds worth over Rs 15,269 crore have been issued in the last one week, which will be credited to the taxpayers’ account soon,” the statement said.
The statement said that in order to “resolve” the pending refunds for assessment year 2020-21, the department is in the process of communicating with the taxpayers, where notices would require feedback from taxpayers in matters relating to “prima facie adjustments, For defect”, adjustment under section 245 and refund failure due to bank account mismatch.
“The department requests the taxpayers to respond quickly online so that ITR can be processed expeditiously in such cases of assessment year 20-21,” it said.
The statement said the tax department “has also started the process of ITR 1 and 4 for the assessment year 2021-22 and refund, if any, will be issued directly to the bank account of the taxpayer.”
“For the financial year 2021-22, the Income Tax Department has issued refunds of over Rs 51,531 crore till August 23,” it added.
This includes income tax refund of Rs 14,835 crore in 21,70,134 cases and corporate tax refund of Rs 36,696 crore in 1,28,870 cases.
During the financial year 2020-21 of the previous year, refunds worth Rs 2.62 lakh crore (which is an increase of over 42% in FY 19-20) were issued to over 2.37 crore taxpayers.
“It may be noted that this includes speedy refunds in a series of measures providing relief to taxpayers during the pandemic,” the department said.
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