Income tax refund for YY 2021-22: The central government announced Thursday that it has processed taxpayer tax returns of more than 1.59 crore so far. Sharing the update, the Central Commission on Direct Taxes (CBDT) said on Twitter, “The CBDT issues refunds of over Rs 1,54,302 crore to over 1.59 crore to taxpayers from April 1, 2021 to April 10, 2021. January 2022. Income tax refunds of 53,689 rupees. crores were issued in 1,56 57,444 cases and corporate tax refunds of Rs 1,00,612 crore were issued in 2 21,976 cases. This includes repayments of AY 1.20 crore 2021-22 amounting to Rs 23,406.28 crore. “
If you are wondering if you received the refund for filing the tax return for the tax year (YY) 2021-2022, here is what you need to do
Income tax refund eligibility
If you paid more tax than your tax payable for a fiscal year, you are entitled to an income tax refund after you file the tax return. For individuals, the deadline for filing the income tax return for YY 2021-21 was December 31. Once the RTI is filed, the tax department will process your return and confirm the income tax refund via a formal notice. Pursuant to Section 143 (1) of the Income Tax Act 1961, this notice is being sent to you.
How does the Income Tax Department credit reimburse income tax?
The income tax refund is processed by the State Bank of India. The bank will credit the amount to the bank account designated by the taxpayer when filing the tax return. It is mandatory to mention the correct bank account number and IFSC code to obtain the income tax refund. It should be noted that the bank account number must be pre-validated in the new electronic income tax declaration portal and linked to the PAN card.
How to Track Income Tax Refund Status for YY 2021-22
The income tax refund can be tracked on the new electronic income tax filing portal: https: // eportal. Incometax.gov.in/
1) Visit Incometax.gov.in and login with your PAN as the username and password used
2) Then click on the “e-file” option, select “Income tax declarations”. Select “Show File Returns” in the next step.
3) Check the last RTI filed for this section. The last RTI filed will be for AY 2021-22. If you select the “View details” option from here, the tax refund issue date, refund amount, and the authorization date of any refund due for that tax year will be displayed.
Check Income Tax Refund Via TIN NSDL Website
Taxpayers can also check the income tax refund statements on the NSDL website. The reimbursement will only appear 10 days after it has been sent by the Assessing Officer to the reimbursement banker.
1) Go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html and enter your PAN card details
2) Select the relevant tax year for which you want to check the refund status. For the last tax return, the tax year will be 2021-2022.
3) Enter the Captcha code and click on the ‘Send’ option.
Your tax refund status will appear on your screen for YY 2021-22.
If your income tax refund is credited to your bank account, the message “Refund is credited” will appear on the screen. It will also display the last four digits of the bank account number, the reference number and the credit date of the refund.
It may also display a returned refund message on the screen. This means that the tax refund is not credited to your bank account. There can be several reasons behind this, including wrong bank account number, IFSC code, or account that has become inactive due to lack of use.
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