CBDT Released Order Directed IT Officers to Clear Old-Pending Refunds

The Central Board of Direct Taxes (CBDT) on Friday released order and directed income tax officers to clear all old-pending income tax refunds Here, the taxpayers can check quick points for faster processing income tax refunds. Also, we added that how to track the status of tax refunds via the official portal. Read more filed till FY 2017-18 with refund claim, by 31st October 2020.

Through the order the income tax department stretched the given time period to go through returns, those were not processed from the earlier date of December 31, 2019, for scrutiny. To clear all the pending I-T refunds of taxpayers till the FY 2016-17 the department had also issued an order in the previous year and allowed taxpayers to file claims for the pending refunds. Additionally, the department also defined the last date for issuance of such refunds by the authorities which were 31st of December 2019.

Read Also: Claim & Check Status of Income Tax Refund Online via Simple Steps Simple steps to claim and know the status of income tax return refund online on government income tax website. Find the full process enclosed with the article. Read more

The department also stated that “To mitigate genuine hardship being faced by the taxpayers on this issue, Board … hereby relaxes the timeframe…and directs that all validly filed returns up to the assessment year 2017-18 with refund claims which could not be processed and which have become time-barred…can be processed now with prior administrative approval of principal CCIT/CCIT concerned and intimation of such processing…can be sent to the assessee by October 31, 2020,”.

Shailesh Kumar who is a partner at Nangia & Co LLP appreciated this step by the government and said that this step will allow taxpayers to receive their pending refunds and it will also help them to improve their liquidity in these stressed times when neither the situation of the economy is doing good nor the companies.