Mar 12, 2024 12:26 PM IST
Income tax refunds: The Income-Tax department issues an intimation notice under Section 143(1) of Income-tax Act, 1961.
Income Tax: The Income Tax Department said that taxpayers who are still waiting for their tax refunds of FY2020-21 (AY2021-22) will get their payments by April 30. The Central Board of Direct Taxes (CBDT) said that these individuals can get their income tax refund by April 30. For any intimation notice from the Income Tax Department, taxpayers should regularly check their email which have all details of the tax refund.
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Following a return request at the Centralised Processing Centre (CPC) by a taxpayer within a specified period, the Income-Tax department issues an intimation notice under Section 143(1) of Income-tax Act, 1961. If taxpayer receives an intimation notice, it means that the filed ITR has been successfully processed which will be followed by the credit of refund amount, if any is there.
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The CBDT said, “It has been brought to our notice that due to certain technical issues or for other reasons not attributable to the assesses concerned, several returns for assessment year (AY) 2021-22, which were otherwise filed validly, could not be processed under sub-section (1) of section 143 of the Act. Consequently, intimation regarding processing of such returns could not be sent within the timeframe prescribed under sub-section (1) of section 143 of the Act. This has led to a situation where the taxpayers are unable to get their legitimate refund in accordance with provisions of the Act, although the delay is not attributable to them.”
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Deadline to file revised returns
Deadline for submitting an updated income tax return (ITR) for the financial year 2020-21 will end on March 31. An updated return can be filed within 24 months from end of the assessment year.
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