Income Tax News: Have the last five years’ income tax refunds been stuck for you? You can now exhale in relief as well. In actuality, the government is resolving cases of income tax refunds that have been pending for a number of years. For those who have not yet received their income tax refund for the fiscal years 2017–18, 2018–19, and 2019–20, there is good news.
Income Tax Department’s Directive
As per the Income Tax Department’s order, these individuals can now obtain their accurate refund until January 31, 2024. Because the return processing deadline had passed and their Income Tax Return (ITR) could not be processed, these people did not receive their tax refund for that particular year. As a result, the tax refund became stuck.
ITR Calculation Agreement
Only when your ITR calculation agrees with the Income Tax Department’s calculation will you receive a refund of income taxes. Before the income tax refund is credited to your bank account, you will receive an intimation notice under section 143(1) to the email address you registered with. In accordance with the tax department’s directive, it will begin processing ITRs for the fiscal years 2017–18, 2018–19, and 2019–20 that have not yet been reimbursed for taxes.
These individuals won’t receive their previously delayed income tax refund
- The ITRs that need to be carefully examined.
- The assessee has not processed the ITR for whatever reason.
- Following the ITI process, an ITR process is used to request additional refunds.
Refund Delivery Deadline
The Central Board of Direct Taxes (CBDT) has been notified, per the order, that the refund should be received even if it is delayed because of technical issues or for other reasons. The Income Tax Act, 1961 (the “Act”) states that refunds of income tax for assessment years 2018–19, 2019–20, and 2020–21 that are otherwise lawfully filed under sections 139 or 142(1) or 119 are due on January 31. to be delivered by 2024.
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