New Functionality “Know Your Income Tax Refund Status”
Page Contents
New Functionality “Know Your Income Tax Refund Status”
Which will helps in checking status of pending refund without login on income tax portal
CBDT: Income tax refunds of over INR 1,00,000/- Cr issued this FY
- Central Board of Direct Taxes announced on Wednesday that taxpayers have received refunds totaling Rs 1,02,952 crore in the current financial year. The Income Tax Department’s policy is set by the CBDT.
- According to an official Twitter post, this amount includes income tax refunds of Rs 27,965 crore in 76,21,956 cases and corporate tax refunds of Rs 74,987 crore in 1,70,424 cases. “From April 1, 2021, to October 25, 2021, the CBDT issued refunds of Rs 1,02,952 crore to over 77.92 lakh taxpayers.
- This includes Rs 6,657.40 crore in refunds for the assessment year 2021-22, which totaled 46.09 lakh “income tax department sent out a tweet.
Income Tax refund on valid bank account in india
Taxpayers should note that to be eligible for an income tax refund, their bank account must first be pre-validated. By pre-validating a bank account and using it for EVC, taxpayers can ensure a streamlined process for receiving income tax refunds and verifying their returns electronically
Important Points to Note for Pre-validated Bank Account
Ensure that the bank account details entered for pre-validation are accurate and up-to-date. The mobile number and email ID linked with the bank account should be active to receive OTPs for validation. Only one bank account can be used for receiving income tax refunds. Ensure the pre-validated account is the one you want the refund to be credited to. If there are any changes in the bank account details, update them promptly on the e-Filing Portal to avoid issues with refunds.
Use of Pre-validated Bank Account for Electronic Verification Code (EVC)
- Generate EVC: A pre-validated bank account can be used to generate an EVC for e-verification of your income tax return (ITR). This process ensures that refunds are processed smoothly and sent to the correct account.
- Steps to Generate EVC: After logging in to the Income Tax e-Filing Portal, go to the ‘e-Verify’ option under the ‘My Account’ tab. Select ‘Generate EVC’ through bank account, and an EVC will be sent to your registered mobile number.
- Verify ITR using EVC: Use the received EVC to verify your ITR by entering it in the designated field on the e-Filing Portal. This completes the e-verification process.
Significant Improvement in Income Tax Refund Processing by Central Board of Direct Taxes
- Central Board of Direct Taxes has been systematically working to enhance the efficiency of Income Tax Refund processing. Over the past three years, significant improvements have been achieved.
- The average time to process returns has been dramatically reduced from 93 days in 2013-14 to just 10 days in 2023-24. Significant Improvement in Income Tax Refund Reduced Processing Time in India
Popular blog:-