The income tax (I-T) department recently said it has issued refunds of over Rs 1.29 lakh crore in 8 months of the current fiscal. This includes Rs 16,691.50 crore worth refunds to 79.70 lakh taxpayers for assessment Year 2021-22.
While most of the taxpayers who have filed their income tax return (ITR) for the said assessment year must have received refunds or would be about to get it, others would have not received it due to incorrect bank account number mention.
So, what should they do if such is the case?
The answer to this is - they should submit the correct bank account number after selecting an option of refund re-issue.
And, here are the steps to apply for refund re-issue:
Login to www.incometax.gov.in
Step 2: Go to ‘Services’ and select ‘Refund Re-issue’.
Step 3: Select ‘Create Refund Re-issue Request’
Step 4: Select the record for which request of refund is to be reissued
Step 5: Select the bank account where taxpayers would like to receive the refund.
Step 6: Click on ‘Proceed to Verification’ button
A refund is issued to a taxpayer when the taxes paid are higher than the actual tax liabilities. To get a refund of the excess tax paid, taxpayers are required to file ITR.
While filing ITR, there is a need to mention bank account number because refund value is transferred back by the department in the account.
For starters, the taxpayers who have not received the tax refund at all after filing ITR should check their listed email to see if there is any communication from the Income Tax Department, seeking a response. In that case, it is important to respond to the email at the earliest.
Additionally, assesses can check the status of the tax refund online through the income tax e-filing website and then navigate to the 'Status of Tax Refunds' tab. A message will pop up, giving the mode of payment, a reference number, status and date of refund.
Taxpayers can also check it via the e-governance website of the National Securities Depository Limited (NSDL).
The Income Tax (I-T) Department has allowed taxpayers to claim any excess payment of tax for the financial year 2020-21 by filing an income tax return by December 31, 2021 without any penalty.
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(Edited by : Aditi Gautam)