Table of Contents
Income Tax refund claimed in ITR for AY 2018-19 to 2020-21 to Jan 31, 2024
Central Board of Direct Taxes via Order F. No. 225/132/2023-ITA-II, issued on October 16, 2023 extends Timeline for process income Tax refund claimed Income Tax return for Assessment Year 2018-19 to Assessment Year 2020-21 to January 31, 2024
The Central Board of Direct Taxes in view of pending Income tax taxpayer grievances related to issue of Income Tax refund directed that all validly income Tax filed returns for AY 2018-19, 2019-20 & Assessment Year 2020-21 bearing Income Tax refund claims can be processed until deadline dated on 31 Jan 2024. Even belated Income tax return’s for mentioned FY are eligible for income tax refunds,
The Board has reexamined the case in light of ongoing taxpayer complaints regarding the income Tax refund issue. Processing of returns with refund claims under section 143(1) of the Income-tax Act, 1961 beyond the prescribed deadlines in non-scrutiny cases-regd.
The period specified in the second proviso to Section 143(1) of the Act was loosened by the CBDT in its order u/s 119 of the Income-tax Act, 1961, dated July 5, 2021, and September 30, 2021, on the subject matter mentioned.
It was mandated that, subject to the restrictions and exclusions listed therein, all properly filed returns up to AY 2017–18 with refund claims that were time-barred and could not be processed under Subsection (1) of Section 143 of the Act be processed by November 30, 2021.
By virtue of its CBDT Pawer U/s 119 of the the Income-tax Act, 1961 and in partial modification of its earlier order under section 119 of the Act dated July 05, 2021 and September 30, 2021, supra, the Board hereby further extends the time frame mentioned in the para no. 2 of the order dated September 30, 2021 until January 31, 2024 in respect of income returns that have been validly filed electronically in order to lessen the genuine hardship that the taxpayers are experiencing on this issue.
The remaining elements of the aforementioned order under Section 119 of the Act, dated July 5, 2021, will not alter.
Central Board of Direct Taxes order said. The Income Tax dept clearly stated that before income Tax refund is credited to the Taxpayer bank A/c, an intimation notice will be dispatched to the Taxpayer registered email ID.
Order Copy attched for your reference : Central Board of Direct Taxes via Order F. No. 225/132/2023-ITA-II
Good news for taxpayers who are still awaiting their income tax refund for FY 2020–21 (AY 2021-22), The CBDT has stated that these persons can receive their income tax refund by April 30, 2024, in an order dated March 1, 2024.
Income Tax Deductions applicable for the Financial Year 2024-25
Which is Better- Old vs New Tax Regime Comparison 2024 ?
