Electronic tax

Tax return: CBDT issues refunds of Rs 1.54 Lakh Crore to taxpayers

Latest news from the tax return: In a new notification, the income tax department said on Thursday it had issued refunds of over Rs 1.54 lakh crore to over 1.59 crore taxpayers so far this fiscal year. Notably, the IT reimbursement includes 1.20 crore of reimbursement for the assessment year 2021-22 (fiscal year ended March 31, 2021), amounting to Rs 23,406.28 crore.Read also – Income tax return: a step by step guide to filing a revised income tax return

“The CBDT issues refunds of over Rs 1,54,302 crore to over 1.59 crore to taxpayers from April 1, 2021 to January 10, 2022,” the IT department said in a notification. Read also – Tax return: these taxpayers can file an ITR without paying late fees even after the due date

Read also – Income tax return: December 31 deadline passed? Here is what you can do now

This includes personal income tax refunds of Rs 53,689 crore to over 1.56 crore from entities and corporate tax refunds of over Rs 1 lakh crore to over 2.21 lakh companies.

It should be noted that around 58.9 million income tax returns (RTI) were filed on the new income tax reporting portal of the Income Tax Service as of December 31, the extended deadline for filing returns. for tax year 2021-22, the mentioned IT department.

Taxpayers should note that over 4.6 million ITRs have been deposited by the due date itself. In a statement, the IT department said its help desk responded to 16,850 taxpayer calls and 1,467 chats for a smooth customer experience.

In the meantime, the deadline for filing income tax returns for the 2020-2021 fiscal year ended March 31, 2021, by individual taxpayers ended on December 31, 2021. For corporate taxpayers, the deadline is March 15, 2022 .

How to Track Income Tax Refund Status

There are two ways that taxpayers can verify the income tax refund:

  • The new income tax portal or
  • The NSDL website

How to check the IT refund status on the new income tax portal

  • First of all, you need to visit www. Incometax.gov.in and log into your account by entering PAN as the user ID and your password.
  • After logging in, click on the ‘e-file’ option.
  • Under the “e-file” option, select “Income tax returns”, then select “View filed returns”.
  • Check the last filed RTI.
  • For fiscal year 2020-21, the last filed ITR (assuming you have already filed) will be for YY 2021-22. Select the “Show details” option.
  • Once selected, it will display the status of the filed RTI. It will also tell you the date of issuance of the tax refund, the amount refunded and the discharge date of any refund due for that YY.

How to check the IT refund status on the TIN NSDL website:

  • First visit: https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
  • Enter the details of your PAN
  • Select the relevant tax year for which you want to check the refund status. For fiscal year 2020-2021, the evaluation year will be 2021-2022.
  • Enter the captcha code and click submit. Depending on the status of your refund, a message will appear on your screen.