File Karo Jhat Se, Processing 'Hogi Phat Se.

File Karo Jhat Se, Processing 'Hogi Phat Se.

Income Tax dept has started Processing for ITR-1 & 4 under this scheme which are filed online only 

The feature can be accessed only by those assessees who fulfill the following criterias laid down by the Income Tax department:

> Online Tax return filing

> ITR is verified

> Bank account is pre-validated

> No arrears

> No income discrepancy

> No TDS or challan mismatch

The Central Board of Direct Taxes (CBDT) tweeted on Wednesday that it has issued refunds worth ₹1,73,139 crore to more than 15.7 million taxpayers between 1 April 2020 to 11 January 2021. 

These days ITRs are being processed faster and refunds are being issued within a week’s time. It is happening due to the new technologically upgraded platform (CPC 2.0).

However, if you haven’t still received your refund, the following could be the reason.

Not verified ITR: The process of filing income tax returns is only completed when you verify your income tax return. In case you don’t do this, the process will not be complete and your refunds will be delayed.

Wrong bank account details: According to the new procedure laid out by the tax department, income tax refunds are being issued only electronically. That means refunds are issued directly to the bank accounts of the taxpayer. In case the bank account number filled in the tax form is incorrect, the tax refunds will be delayed till the information is corrected. You can correct the bank account details online on the income tax department’s portal. Also, it is important that the bank account that you are providing is linked to the permanent account number (PAN).

Not prevalidated the bank account: The bank account has to be prevalidated for getting the refund. You can go to the income tax department’s website, do a log-in using your PAN and password, and then go to profile settings. There you will find an option to prevalidate your bank account. If your bank is integrated with the e-filing portal, pre-validation will be done directly through electronic verification code (EVC) and net-banking route. You need to give your bank account number, IFSC code, mobile number and email ID linked to that account.

You can view your tax refund credit on income Tax TIN website also at   https://tin.tin.nsdl.com/oltas/refundstatuslogin.html