New Delhi: The income tax department recently announced that it had issued refunds of Rs 1.29 lakh crore in the first eight months of the current fiscal year. For the assessment year 2021-22, this comprises Rs 16,691.50 crore in reimbursements to 79.70 lakh taxpayers.
While the majority of taxpayers who submitted an income tax return (ITR) for the relevant assessment year should have gotten or be on their way to receiving a refund, others may not have received one due to an inaccurate bank account number being listed.
So, what should they do in this situation?
The answer is that after selecting the option of refund re-issue, they need to input the proper bank account number.
Check steps to apply for refund re-issue:
Step 1: Go to www.incometax.gov.in and log in.
Step 2: Select ‘Refund Re-issue’ from the ‘Services’ menu.
Step 3: Choose ‘Create Refund Re-issue Request’ from the drop-down menu.
Step 4: Choose the record for which a refund request is to be reissued.
Step 5: Choose the bank account to which the reimbursement should be deposited.
Step 6: To go to verification, click the ‘Proceed to Verification’ button.
When a taxpayer’s taxes paid exceed his or her actual tax responsibilities, a refund is granted. Taxpayers must file an ITR to receive a refund of any overpaid taxes.
Because the refund value is transferred back to the account by the department, the bank account number must be mentioned when filing ITR.
To begin, taxpayers who have not received a tax refund after submitting an ITR should check their listed email to see if there is any message from the IRS requesting a response. In that circumstance, it’s critical to react to the email as soon as possible.
Assesses can also check the status of their tax refund online by going to the IRS e-filing website and selecting the ‘Status of Tax Refunds’ option. A message will appear, indicating the method of payment, a reference number, the status of the refund, and the date of the refund.
Taxpayers can also examine it on the National Securities Depository Limited’s e-governance website (NSDL).
The Income Tax Department has announced that taxpayers can claim any excess tax payments for the fiscal year 2020-21 by completing an income tax return by December 31, 2021, without incurring any penalties.