31 lakh people waiting for ITR refund, money stuck even after paying tax on time
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The Income Tax Department had appealed to the income tax payers to verify ITR from its official account on the social media platform X (formerly Twitter). Income Tax Department posted that Dear Taxpayers, complete your e-filing process today.
The Income Tax Department of India has issued Rs 72,215 crore as tax refunds from April 1 to August 21. Out of this, more than half the amount i.e. Rs 37,775 crore has been issued as refund to the companies. Whereas the remaining amount i.e. Rs 34,406 crore has been released as refund to individual taxpayers.
However, it has been learned that there are many taxpayers who had filed income tax before the time but they have not received the refund till now, while it does not take much time to get the refund. A mistake is being told behind the taxpayers not getting refund. It is being said that there are about 31 lakh such taxpayers who are facing difficulties in getting refunds. There is a possibility that they will not be paid early income tax refund. According to the information, if these people do not rectify the mistake made during the filing of ITR soon, then the income tax return filed by them may be declared invalid. The result of this will be that refund will not be paid to these people.
Explain that these 31 lakh taxpayers are those who have filed ITR but have not yet verified ITR. As per Income Tax rules, ITR filers have to verify the ITR within 30 days. If it is not verified then the return is not sent for further processing. Due to this the tax refund is not issued. Explain that if the tax refund is not verified within the stipulated time, then it is declared invalid. According to data from the Income Tax Department’s website, over 6.91 crore returns have been filed till August 23. But income tax verification has been done by only 6.59 crore income tax payers.
Explain that the Income Tax Department had appealed to the income tax payers to verify ITR from their official account on the social media platform X (formerly Twitter). Income Tax Department posted that Dear Taxpayers, complete your e-filing process today. Do not forget to verify ITR within 30 days of filing. Late fees may be imposed for late verification. Verify your ITR.
ITR can be verified in many ways
Explain that ITR can be verified both online and offline. ITR can be verified online through OTP received on registered mobile number, bank account, demat account, ATM, net banking. For offline verification, the signed copy of the ITR-V form has to be sent to the Income Tax Department after which the verification can take place.
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