The Central Board of Direct Taxes (CBDT) on Thursday said it issued refunds worth Rs 1.32 lakh crore to more than 1.19 crore taxpayers between April 1, 2021 to December 6, 2021.

Income tax refunds of Rs 44,207 crore have been issued in 1.17 crore cases and corporate tax refunds worth Rs 88,174 crore have been issued in 1,99,481 cases so far, the income tax body said. This includes 83.28 lakh refunds of Assessment Year 2021-22  amounting to Rs 17,266.48 crore.

While most assesses should have filed their Income Tax Returns (ITRs) for the year 2020-21, those who haven’t December 31, 2021 is the last date to do so.

In the case of a salaried employee, tax refunds are initiated when in case tax deducted exceeds when proper investment documents have not been submitted to the employer which results in the calculation of higher tax liability. Also, in case of excess Tax Deducted Source (TDS) levied on the interest income from bank fixed deposits or bonds. Refunds are also given in case of double taxation and excess advance tax paid than actual tax liability applicable.

Refunds processed by the tax department usually take 10 days of filing the ITR. However, you can check the refund status in case it has been more than since filing the ITR. The refund status of your ITR can be checked at the official income tax department website incometax.gov.in using your PAN number.

Usually, delays in refunds occur if there are errors in ITR or a mismatch in details on ITR and those available with the tax department. Taxpayers need to respond promptly if IT Department raises a query. Tax refunds may also be witheld if ITR is rejected due to mistakes like incorrect bank account details in the ITR form.

On the NSDL website

–Go to the NSDL website to track refund.

–The following web page will appear. Fill in the details, including PAN and AY and click ‘Proceed’.

–Your income tax refund status will be displayed, as depicted in the following image.

On e-filing portal:

–Log into the e-filing portal of Income Tax department by clicking here.

–Select View Returns/ Forms.

–Go to ‘My Account’ tab and select ‘Income Tax Returns’. Click submit.

–Click on the acknowledgement number.

–A page showing your return details along with income tax refund status will appear.

Source: https://www.timesnownews.com/business-economy/personal-finance/article/check-refund-status-if-funds-not-issued-after-10-days-of-filing-income-tax-return-heres-how/839154