Refunds: I-T dept asks taxpayers to send online response for AY 20-21

The Income Tax Department has urged taxpayers to "quickly" send an online response so that their pending refunds for assessment year 2020-21 can be processed expeditiously.

In an official statement issued on Sunday, it said that till date, 93 per cent of the refund claims in ITRs (Income Tax Returns) filed for assessment year (AY) 20-21 have "already" been processed.

"In the past week, refunds of over Rs 15,269 crore have been issued which will be credited to taxpayers shortly," it said.

The statement said that in order to "resolve" pending refunds of assessment year 2020-21, the department is in the process of communicating with taxpayers, where response from taxpayers would be required in cases involving notices "for prima facie adjustments, defects, adjustment under section 245 and refund failure due to bank account mismatch."

"The department requests taxpayers to respond online quickly, so that ITRs in such cases of AY 20-21 can be processed expeditiously," it said.

The statement said the tax department "has also commenced processing of ITRs 1 and 4 for AY 2021-22 and refunds, if any, will be issued directly to the bank account of the taxpayer."

"For financial year 2021-22, the Income Tax Department has issued refunds of over Rs 51,531 crore upto August 23," it added.

This included Rs 14,835 crore of income tax refund in 21,70,134 cases and corporate tax refunds of Rs 36,696 crore in 1,28,870 cases.

During the last year financial year of 2020-21, refunds of Rs 2.62 lakh crore (which is an increase of over 42 per cent over FY 19-20) were issued to over 2.37 crore taxpayers.

"It may be noted that this included the refunds expedited in a series of measures providing relief to taxpayers during the pandemic," the department said.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel