Income tax refund for AY 2021-22: The central government said on Thursday that it has so far processed the tax returns of more than 1.59 crore taxpayers. Sharing the update, the Central Board of Direct Taxation (CBDT) said on Twitter: “The CBDT is issuing refunds of over Rs 1.54,302 crore to over Rs 1.59 crore taxpayers from April 1, 2021 to January 10, 2022. Income tax refunds of Rs 53,689 crores were issued in 1,56,57,444 cases and corporate tax refunds of Rs 1,00,612 crores were issued in 2,21,976 cases. This includes repayments of 1.20 crore from AY 2021-22 amounting to Rs 23,406.28 crore.
If you’re wondering if you received the tax filing refund for tax year (AY) 2021-22, here’s what you should do
Eligibility for an income tax refund
If you paid more tax than your tax payable for a fiscal year, you are eligible for an income tax refund after filing the tax return. For individual taxpayers, the tax return filing deadline 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 refund via a Notice of Intimation. Pursuant to Section 143(1) of the Income Tax Act 1961, this notice is being sent to you.
How does the Income Tax Department credit the income tax refund?
The income tax refund is processed by the State Bank of India. The bank will credit the amount to the bank account designated by the taxpayer when filing the tax return. It is mandatory to mention the correct bank account number and IFSC code to get the income tax refund. It should be noted that the bank account number must be pre-validated in the new electronic income tax declaration portal and linked to the PAN card.
Ways you can track income tax refund status for AY 2021-22
Income tax refund can be tracked on the new electronic income tax filing portal: https://eportal. incometax.gov.in/
1) Visit incometax.gov.in and login with your PAN as username and password used
2) Next, click on the ‘e-file’ option and select ‘Revenue Tax Returns’. Select “Show File Returns” in the next step.
3) Check the last filed ITR for this section. The last ITR filed will be for AY 2021-22. If you select the ‘Show Details’ option from here it will show you the date the tax refund was issued, the amount refunded and the date any refunds due for that tax year were authorized .
Check income tax refund via TIN NSDL website
Taxpayers can also check income tax refund statements on the NSDL website. The reimbursement will only appear 10 days after it has been sent by the Assessing Officer to the reimbursement banker.
1) Go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html and enter your PAN card details
2) Select the relevant tax year for which you wish to check the refund status. For the last tax return, the tax year will be 2021-22.
3) Enter the Captcha code and click on the ‘Submit’ option.
Your income tax refund status will appear on your screen for AY 2021-22.
If your income tax refund is credited to your bank account, the message “Refund is credited” will appear on the screen. It will also display the last four digits of the bank account number, the reference number and the credit date of the refund.
It may also display the Refund Returned message on the screen. This means that the income tax refund is not credited to your bank account. There can be several reasons behind this, including wrong bank account number, IFSC code, or an account that has become inactive due to lack of use.
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