ITR Refund Update: After filing ITR, taxpayers wait for their refund. To move the refund process forward, the Income Tax Department first informs the taxpayers about the processing of their returns. As part of the process, an intimation is sent to the taxpayers’ email ID. The refund amount is credited to the taxpayers’ account only after three to four weeks.
ITR Refund Update: The last date for filing ITR was 31st July. According to the information given by the Income Tax Department, 7.28 crore returns have been filed till the last date. After filing ITR, tax payers wait for their refund. To move the refund process forward, the Income Tax Department first informs the taxpayers about the processing of their returns. Under the process, an intimation comes on the taxpayers’ email ID. After three to four weeks, the refund money comes to the taxpayers’ account. However, it is important to understand here that not all taxpayers who file income tax returns get the refund money. The return money is sent back by the department when the taxpayer has deposited more money as tax than his liability. During the process of income tax return, the taxpayers’ tax is calculated.
Income tax department may make a mistake in tax calculation
The department sends intimation to the taxpayers under Income Tax Act section 143 sub section 1. If you find in this detail sent by the department that the tax calculation is not correct and your refund should be more, then you can file a rectification request under Income Tax Act section 154. Taxpayers can file this rectification request by visiting the e-filing portal of the Income Tax Department.
You can request on e-filing portal
The Income Tax Department says that if any mistake is found regarding the intimation notice, then a request can be made on the e-filing portal. It is important to understand here that the option of rectification request is useful only for those returns which have already been processed by the Centralized Processing Center.
For which mistake will the rectification request be useful?
What kind of mistakes can be corrected by submitting a rectification request? Regarding this, the Income Tax Department says that do not use the rectification request for any other mistake made by you. The option of revised return is useful for such mistakes.
Also Read-
- RBI Action: RBI imposes fine of Rs 1.27 crore on this Bank, know the reason
- Share Buyback New Rule: New rules for share buyback coming into effect from October 1
- HRA Calculation: Who can get tax exemption from HRA and how?
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
