The last date to file an Income Tax Return or ITR was 40 days ago, on July 30. Despite this several taxpayers have still not received their tax refund yet.
CBDT Released Rs 1.14 Lakh Crore As Income Tax Refund
Central Board of Direct Taxes CBDT, last week, with a tweet, said it has released over Rs 1.14 lakh crore between April 1 and April 31 for more than 19.7 million taxpayers. Further, it added, “that the refunds worth Rs 61,252 crore had been issued back in 19,600,998 cases and corporate tax refunds of Rs 53,158 crore had been issued in 1,46,871 cases.”
On a routine basis, the income tax department processes the forms within 45 days. But there are many reasons why the process can get delayed such as, “wrong details in the form, return filed but not verified, mismatch with form 26 AS, tax demands for past years, and others.” Now let’s explore the methods of how you can track your claim status and apply for a refund.
To Apply For Excess Tax Reimbursement
All the taxpayers who have filed income tax refund or ITR applicable for financial 2021-22, with an extra amount more than required, are eligible for a refund. In most cases, “advance taxes paid by individuals and TDS (Tax Deduction at Source) amount are higher than the total tax liability during the financial year. One can ask for a refund while filing their income tax return.”
An individual can request an income tax refund through an online process applicable for ITR-1 and ITR-4 forms or by JSON utility. When all the details are filled by the taxpayers the amount to be refunded is automatically calculated and can be viewed under the ‘Taxes Paid’ section of the form.
“Once all details are submitted by the taxpayer, the I-T department verifies the claim and processes it. A letter is sent to the taxpayer to verify the claim before it is paid.”