Income Tax refund for AY 2020-21

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The Income Tax Department has issued the new notifications for Income Tax refund for AY 2020-21

Let’s summaries the Notifications issued:-

The Income Tax department has issued the notification for the taxpayers who have filed their income tax return (ITR) for the Assessment Year (AY) 2020-21 and haven’t taken the refund so far, A technical incline for faster processing of the ITRs could be the reason behind the delay.

Why Income Tax Department Upgraded CPC Platform

Many taxpayers, even those who have filed their ITR Filing in the month of June or July, took the help of social media to voice their concerns over the refunds. Putting the onus on the technical issues, the I-T Department aid “As part of our promise to provide improved taxpayer services, we are moving to a new, technologically upgraded platform (CPC 2.0) for faster 

Measures to file an Income Tax return for FY 2019-20

There has been determined for furnishing of Income-Tax Returns as under:

  • Under CPC 2.0 project, the income tax department is increasing its capability and upgrading technology to render more reliable services to the taxpayers through prefilled forms and reducing time for refunds.
  • Following the CPC 2.0 project, clients who have filed their income tax return for the year FY2019-20 3-4 months back are yet to receive refunds.
  • An income tax return filing platform confirmed that there appears to be a delay in issuance of refunds for FY 2019-20. Also, those clients who filed income tax returns in June-July this year are yet to receive refunds. Usually, tax refunds are issued in a period of 2-4 months.

Further Relief to Taxpayers

There is further amusement for taxpayers which has presented by the central government. Some of them are-

  • The I-T department has originated ₹1,36,066 crore to more than 40.19 lakh taxpayers between 1 April 2020 and 17 November 2020. 
  • This includes personal income tax refunds of Rs. 35,750 crore raisen in 38,23,304 cases and corporate tax refunds of ₹1,00,316 crore issued in 1,95,518 cases. 
  • Generally, the refunds are automated and are received within 3-4 months after filing the income tax returns in case there is no significant deficiency in the return. 
  •  Now, with the economic activity beginning and GST collections also becoming robust, the CBDT should plan for processing refunds more limited than Rs.1 Lakhs.
  • In order to heighten transparency, the CBDT should process the returns in chronological order and reveal the details of the date till which the income tax returns filed and consequently refunds have been prepared and issued. 

Income tax return filing deadline for FY2019-20 extended till Dec 31

If you want any other guidance concerning ITR Filing, please feel free to talk our business advisors at 8881-069-069.

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