The Income Tax Department has asked taxpayers to quickly send an online response so that their pending refunds for assessment year 2020-21 can be processed expeditiously.
In an official statement it said that in order to “resolve” pending refunds of assessment year 2020-21, the department is in the process of communicating with taxpayers, where response from taxpayers would be required in cases involving notices “for prima facie adjustments, defects, adjustment under section 245 and refund failure due to bank account mismatch.”
The statement added, the tax department “has also commenced processing of ITRs 1 and 4 for AY 2021-22 and refunds, if any, will be issued directly to the bank account of the taxpayer.”
Further, till date, 93 per cent of the refund claims in ITRs (Income Tax Returns) filed for assessment year (AY) 20-21 have already been processed, it added.
However, in the past week, refunds of over Rs 15,269 crore have been issued which will be credited to taxpayers shortly,” it said. Whereas, up to 23rd August, 2021 it has issued refund of over Rs 51,531 crore. https://manthanexperts.com/income-tax-refund-of-rs-1900-crore-issued-in-3rd-week-of-august/