Are you one of those who have filed their Income Tax Returns (ITR) and are waiting for their tax refund to credit in their accounts? Well, the year 2020 was a turbulent one in many ways. The deadline for ITR filing was extended four times this year due to the ongoing coronavirus pandemic, and an upgradation of the tax department platform delayed the refunds slightly. In November, the income tax department had tweeted, “It is moving to a new, technologically upgraded platform (CPC 2.0) for faster processing of ITRs. ITRs for AY 2020-21 will be processed on CPC 2.0”.
The Income Tax department on Wednesday said it has so far issued refunds of over ₹1.64 lakh crore this fiscal to more than 1.41 crore taxpayers. This includes personal income tax refunds of ₹53,070 crore and corporate tax refunds of over ₹1.10 lakh crore during this period. “CBDT issues refunds of over Rs. 1,64,016 crore to more than 1.41 crore taxpayers between 1st April 2020 to 04th January 2021. Income tax refunds of Rs. 53,070 crore have been issued in 1,38,85,044 cases & corporate tax refunds of Rs. 1,10,946 crore have been issued in 2,06,847cases,” the Income Tax department tweeted.
Why is ITR refund delayed?
Usually, income tax refunds are issued within 20-45 days from the date of completion of ITR processing. However, if you have filed your tax return a few months ago and haven’t received the refund yet, it might be because of a mismatch between the tax return filed and the details available with the tax department. The refund may also be delayed in case the details of the bank account mentioned are incorrect.
An income tax return is filed for claiming any excess amount that was deducted as tax in a financial year. The fresh deadline for filing the ITR is 10 January 2021.
How to check ITR refund status?
There are two ways of checking the status of your refund:
a) Through the IT department’s e-filing portal
-Visit the e-filing portal with your PAN and password under the ‘registered user’ section.
-Go to the View e-Filed Returns/Forms’ section.
-Select ‘Income tax returns’ and the relevant ‘assessment year’.
-A new page ‘My Return’ will be opened. It will show the status such as ITR filed, verified, ITR processing, issue of refund or status of the refund.
-Under the ‘status’, you can check the mode of payment, refund amount, date of clearance and so on.
b) National Securities Depository Ltd’s (NSDL) website
-The income tax refund status can also be checked by visiting the TIN NSDL website.
-On the homepage of the website, one will have to enter PAN and captcha code.
-After submitting the details, click on ‘Proceed’.
-Following this, the ITR refund status can be seen.