Economy

I-T refunds of ₹1.36-lakh crore issued till Nov 24

Our Bureau New Delhi | Updated on November 25, 2020 Published on November 25, 2020

The Income Tax Department on Wednesday said over ₹1.36-lakh crore worth of refunds have been issued during April 1 to November 24, benefitting over 41-lakh tax payers.

“Income-tax refunds of ₹36,028 crore have been issued in 39,28,067 cases and corporate tax refunds of ₹1,00,934 crore have been issued in 1,96,880 cases,” the department said in a tweet.

Income-tax refund arises 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, foreign tax credit etc. There is no separate procedure to claim an income tax refund. One can do so by filing the return of income in the usual manner.

Verification

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 one’s returns. Once the returns are processed by the CPC at the primary level for arithmetical errors etc, the refund will be issued to the taxpayer.

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Published on November 25, 2020
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