If TDS is deducted more than the tax liability, then you can claim refund by filing ITR. In ITR filing, you have to provide the name of the bank and its IFSC code. By giving both these information, the Income Tax Department will give you a quick and easy refund.
Income Tax Refund: CBDT/ The Income Tax Department on Thursday issued refunds worth over Rs 1.62 lakh crore to 1.79 crore taxpayers so far in this financial year. The IT department has given information about this by tweeting. Here you are being given this information that if the refund has not come in your account, then how can you find out by checking the status.
New Delhi. The Income Tax Department on Thursday issued refunds worth over Rs 1.62 lakh crore to 1.79 crore taxpayers so far in this financial year. This includes 1.41 crore refunds for the assessment year 2020-21, amounting to Rs 27,111.40 crore. The Income Tax Department tweeted, “The Central Board of Direct Taxes (CBDT) has issued refunds worth over Rs 1,62,448 crore to over 1.79 crore voters between April 1, 2021 and January 24, 2022.
CBDT issues refunds of over Rs. 1,54,302 crore to more than 1.59 crore taxpayers from 1st Apr,2021 to 10th January,2022. Income tax refunds of Rs. 53,689 crore have been issued in 1,56,57,444cases &corporate tax refunds of Rs. 1,00,612 crore have been issued in 2,21,976cases(1/2)
— Income Tax India (@IncomeTaxIndia) January 13, 2022
The Income Tax Department said in a tweet that for the assessment year 2021-22, so far more than 4 crore people have filed their Income Tax Returns. If you haven’t filed your return yet, file it now.
How to claim TDS refund – If TDS is deducted more than the tax liability, then you can claim refund by filing ITR. In ITR filing, you have to provide the name of the bank and its IFSC code. By giving both these information, the Income Tax Department will give you a quick and easy refund. If you do not have taxable income then you have to apply for lower or nil TDS certificate. You can do this work by filling Form 13 under section 197.
You have to submit this form to the TDS deductor. If you are not earning from the interest of the banks, then you will have to give this information under the 15G form. ITR refund is credited to your bank account within 3-6 months of filing ITR. The tax department takes so much time because it has to do e-verification.
How to Check Your Refund Status
>> First of all go to the new website of Income Tax Department (ITR) http://www.incometax.gov.in .
>> Enter your User ID and Password there.
>> After logging in, you will see the option of e-filing.
>> Now you select Income Tax Returns.
>> After that click on View File Return.
>> After which the details of your ITR will be visible in front.
