Why Income Tax Refund May Delay in Assessment Year 2020-21?

For the assessment year 2020-21, there will be a late refund given by the income tax department. You do not have to worry if you already had filed the return for FY 2020-21 but didn’t get the refund yet. As similar to you the most of the assessee who had furnished the taxes in the year did not get their refund yet. When the assessee has asked the questions then the income tax department has declared that the up-gradation in software is in process for faster processing of ITR. Due to these implementations, there is a delay in the income tax refund 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.

Although people had furnished the taxes in June-July and didn’t get the tax refund then on their Twitter account they had raised voices against it. But the Income Tax department though in return had retweeted that for the robust performance new technological upgraded platform (CPC 2.0) for filing Income tax return (ITR) Read the easy guide on e-filing of IT return online in India. Step by step guide to filing income tax returns through official income tax department portal is going to be implemented

Time Completion is Not Mentioned

The council has told that the assessment year 2020-21 will proceed via CPC 2.0 but the refund gets delayed due to the objective. However, the income tax has not told the timeline to begin the process of the income tax return procedure for the migration and assessment year 2020-21 via CPC 2.0 platform. In the present times, all the tax return process is done from the centralized processing Center in Bangalore. With the help of the CPC 2.0 platform, the assessee will get more facilities and thus the processing of the ITR will be faster.

Tax Refunded INR 1.32 Lakh cr

between April 1, 2020, and November 10 the income tax department has given more than Rs 1.32 lakh cr refund to more than 39.74 lakh assessee. The Corporate Refund Rs 97,677 Crore and Personal Income Tax Refund Rs 35,123 Crore has been given to the assessee.

Procedure to Check the Tax Refund Status

• Go to the official website: https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
• To determine the refund status, fill in the PAN number and the year for which the refund is left and insert the captcha code.
• After that Tap on the Proceed button. Post doing this, tax refund status will be displayed on the screen.

The Alternative Procedure to Refund

• Log in to the personal income tax account on the Income Tax portal.
• Post logging visit to My accounts menu and Tap on Refund/ Demand status will be mentioned there.
• Post-process, furnish the assessment year to which the status of a refund is to be examined.
• Post-process the income tax refund status 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 will be displayed on the screen.