Income Tax Refund Alert! Waiting for ITR money? Here is the latest update

Income Tax Refund: Are you among those waiting for the Income Tax refund amount to be processed into your account as ITR Filing process has been completed? If yes, then here is an update for you from the Income Tax Department.

ITR AY 2019-20: Rs 1.46 lakh crore processed

According to the latest update, the Central Board of Direct Taxes (CBDT) has processed 2.10 crore refund returns amounting to Rs 1.46 lakh crore for the current Assessment Year 2019-20 as on November 28.

Income Tax Refund Amount: AY 2018-19 vs AY 2019-20

- This - 2.10 crore, compared to 1.75 crore (AY 2018-19) refund returns for the same period in 2018-19, shows an increase of 20 per cent.

- The total refund in the comparable period was Rs 1,19,164.7 lakh crore, and thus the refund amount now is an increase of 22.7 per cent, the CBDT said.

Speedy Refunds

The CBDT has stressed on the speedy refunds issue this year in an automated manner without any interface with the taxpayer. Its Central Processing Centre (CPC) has been at the forefront on this.

According to CBDT sources, there has been a 20 per cent rise in processing of refund returns. CPC processed 2.10 crore refund returns amounting to Rs 1.46 lakh crore for the current Assessment Year 2019-20 as on November 28, 2019, compared to 1.75 crore AY 2018-19 refund returns for the same period of 2018-19, or an increase of 20 per cent, as per an IANS report.

CBDT figures said there has been also been a 20 per cent increase in total number of returns processed.

ITR Refund Status till 28th November

- CPC processed 4.70 returns during FY 2019-20 till November 28 while for the same period in FY 2018-19, 3.91 crore returns were processed.

- The CPC issued 43 lakh more refunds within 30 days in the FY 2019-20, compared to the previous year, which results in an increase of over 42 per cent.

ITR Refund FY 2019-20

In FY 2019-20 of the 2.10 refund ITRs processed, 68 per cent of the refunds were issued within 30 days from the date of e-verification of ITSs compared to 57 per cent for the same period in FY19.

As on November 29, the number of verified ITRs pending is 20.76 lakh and they are currently being processed.