Income Tax alert! Filed ITR? Waiting for refund money? Here is what you must know

Have you already filed ITR, and waiting for refund money to reflect in your bank account? Here is an important update for you from Income Tax department. According to the latest development, the Income Tax Department has issued refunds worth Rs 71,229 crore to over 21 lakh taxpayers during April 8 to July 11. This includes personal income tax (PIT) refunds of Rs 24,603 crore issued to 19.79 lakh individuals and corporate tax refunds amounting to Rs 46,626 crore to over 1.45 lakh taxpayers during this period, as per a report in PTI.

"It is further emphasised that all the refund related cleaning up of the tax demands is being taken up on priority and is likely to be completed by August 31, 2020," an official statement said. It said that the government has laid great emphasis on providing tax related services to the taxpayers without any hassles and is aware that during these difficult times of COVID-19 pandemic, many of the taxpayers are waiting to see that their tax demands and refunds reach finality as quickly as possible, the statement added.

The Central Board of Direct Taxes (CBDT) further asked taxpayers to provide immediate response to emails of the department for quick processing of their refunds.

"A quick response from the taxpayer in this regard would facilitate the I-T Department to process their refunds expeditiously. Many taxpayers have submitted their responses electronically for rectification, appeal effects or tax credits. These are being attended to in a time-bound manner. All refunds have been issued online and directly into the bank accounts of the taxpayers," the statement added.