The income tax department has asked the assessee to immediately answer online so that their due refunds for the assessment year 2020-21 shall be processed efficiently.
Inside the official statement provided on Sunday, it stated that to date 93% of refund claims in Income tax returns furnished for the assessment year (AY) 20-21 have “already” been undergone.
“In the past week, refunds of over Rs 15,269 crore have been issued which will be credited to taxpayers shortly,” it stated.
The statement stated that for solving the due refunds of AY 2020-21 the council is in the process of communicating within the assessee in which the response from the assessee will be needed for the cases engaged notices “for prima facie adjustments, defects, an adjustment under section 245 and refund failure due to bank account mismatch.”
“The department requests taxpayers to respond online quickly so that ITRs in such cases of AY 20-21 can be processed expeditiously,” it stated.
The statement added the tax department “has also commenced processing of ITRs 1 and 4 for AY 2021-22 and refunds, 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 up to August 23,” they commented.
It consists of Rs 14,835 cr of income tax refund in 21,70,134 cases and the corporate tax refunds of Rs 36,696 cr in 1,28,870 cases.
In the last year, FY 2020-21 the refunds of Rs 2.62 lakh cr which raised 42% over FY 2019-20 have been provided to over 2.37 lakh cr assessee.
“It may be noted that this included the refunds expedited in a series of measures providing relief to taxpayers during the pandemic,” the council stated.
