Income Tax Refund (ITR): Get up to Rs 5000 without adjustment of outstanding demand!

Income Tax Refund (ITR): Get up to Rs 5000 without adjustment of outstanding demand!

Income tax Refund 2019-20: The Income Tax department has taken several steps for ensuring faster disposal of Income Tax Refunds. Currently, the Income Tax Department issues refunds up to Rs 5000 without adjusting outstanding demand to speed up refund processing in small cases.  Minister of State for Finance Anurag Thakur said in a written reply to a query in Lok Sabha last week: “In order to speed up processing of refund in small cases, refunds up to Rs 5,000 are being issued without adjustment of outstanding demand. Moreover, the Government has sanctioned CPC-ITR 2.0 Project which will have significantly higher processing capacity leading to faster determination and issue of refunds,” Thakur said.

The Minister further said that all income tax refunds are credited directly to the bank account of the taxpayers through Electronic Clearing Service since March 2019. “Since March 2019, all income tax refunds are credited directly to the bank account of the taxpayers through Electronic Clearing Service. This ensures faster and safer credit of refunds as compared to the earlier practice of issuance of paper cheques sent by post to taxpayer,” Thakur said.

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The tax department refunds excess tax is paid by an assessee. Tax refund can be claimed by filing Income Tax Return (ITR). Individuals can get early refunds from the tax department by doing early verification of the income tax return. The number of days in which individuals can verify their return in 120 days from the date of filing the return.

In reply to another question, Thakur said that those individuals who failed to filed their Income Tax Return for Assessment Year 2019-20, can do so till March 31, 2020. Up to 15 February 2020, as many as 6.35 crore individuals have filed Income Tax Return for Assessment year 2019-20. “The belated ITRs of AY 2019-20 can be submitted up to 31-Mar-2020, therefore, this number will increase further,” Thakur said.

 

Source:- financialexpress

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