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Personal income-tax and corporate tax refunds have crossed the ₹1-lakh crore mark this fiscal.
“The CBDT (Central Board of Direct Taxes) has issued refunds of over ₹1,01,308 crore to more than 27.55 lakh taxpayers between April 1,2020 and September 8, 2020,” a Finance Ministry statement said. This includes personal income-tax refunds of ₹30,768 crore for over 25.83 lakh assesses. Corporate tax refunds of ₹70,540 crore have been issued in over 1.71 lakh cases.
Income-tax refunds arise when taxes paid are higher than the actual tax liability (including interest). It could be in the form of advance tax, self-assessment tax, tax deducted at source or foreign tax credit. There is no separate procedure to claim an income-tax refund — one can claim it by filing the return of income in the usual manner.
A taxpayer is supposed to ensure that the return is electronically verified through Aadhaar number OTP, EVC generated through bank account or physically verified by posting the signed ITR-V (acknowledgement) to the Centralised Processing Centre (CPC) within 120 days of filing the return.
Normally, a taxpayer has a time limit of 120 days from the date of return filing to verify his/her returns. The earlier one gets the verification done, the earlier the CPC will process the returns. Once the returns are processed by the CPC at the primary level for arithmetical errors, etc, the refunds are issued.
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