Income Tax Refund for Assessment Year 2021-22: The central government on Thursday announced that it has processed the income tax returns of over 1.59 crore taxpayers so far. Sharing the update, the Central Board of Direct Taxes (CBDT) said on Twitter, “CBDT issues refunds of over Rs 1,54,302 crore to over 1.59 crore taxpayers from April 1, 2021 to January 10, 2022. Income Tax Refund of Rs 53,689 crore has been issued in 1,56,57,444 cases and Corporate Tax Refund of Rs 1,00,612 crore has been issued in 2,21,976 cases. This includes 1.20 crore refunds for AY 2021-22, which is Rs 23,406.28 crore.”
If you are wondering whether you have received refund for filing Income Tax Return for Assessment Year (AY) 2021-22, here is what you should do
Eligibility for Income Tax Refund
If you have paid tax in excess of your tax liability for a financial year, you are eligible for income tax refund after filing income tax return. For individual taxpayers, the last date for filing income tax returns for AY 2021-21 was December 31. Once you have filed the ITR, the tax department will process your return and confirm the income tax return through an intimation notice. This information notice is sent to you under section 143(1) of the Income Tax Act, 1961.
How Income Tax Department Gives Credit Income Tax Refund?
Income Tax Refund is processed by State Bank of India. The bank will deposit the amount in the bank account designated by the taxpayer at the time of filing the income tax return. It is mandatory to mention the correct bank account number and IFSC code to get income tax refund. It is to be noted that the bank account number in the new income tax e-filing portal should be pre-validated and linked to the PAN card.
Ways You Can Track Income Tax Return Status For Assessment Year 2021-22
Income tax refund can be tracked on the new income tax e-filing portal: https://eportal.incometax.gov.in/
1) Visit incometax.gov.in and log in with your PAN as your used ID and password
2) Then, click on ‘e-File’ option and select ‘Income Tax Return’. In the next step select ‘View File Return’.
3) Check the latest ITR filed for this section. The latest filed ITR will be for AY 2021-22. If you select the ‘View Details’ option from here, it will show you the date of issuance of tax refund, the amount to be refunded and the date of clearance for any refund for this assessment year.
Check Income Tax Return Through TIN NSDL Website
Taxpayers can also check income tax refund states on NSDL website. The refund will be visible to the refund banker only after 10 days from the date of dispatch by the Assessing Officer.
1) Go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html and enter your PAN card details
2) Select the relevant assessment year for which you wish to check the refund status. The assessment year for fresh income tax returns will be 2021-22.
3) Enter the captcha code and click on ‘Submit’ option.
Your income tax refund status for AY 2021-22 will be shown on your screen.
If your income tax refund is credited to your bank account, the message ‘Refund is credit’ will be displayed on the screen. It will also show the last four digits of the bank account number, reference number and date of refund submission.
It may also show the refund return message on the screen. This means that the income tax refund has not been credited to your bank account. There can be many reasons behind this including wrong bank account number, IFSC code or account becoming inactive due to lack of usage.
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