new Delhi. Taxpayers who have filed their income tax returns for the financial year 2019-20 are now eagerly waiting for their income tax refund. Significantly, due to corona virus, the CBDT has extended the deadline for filing income tax for the financial year 2019-20 to December 31, 2020 and now it has only 10 days left. The Income Tax Department has clarified that it will no longer extend this deadline.
In the Corona era, the Income Tax Department has taken several steps to speed up tax refunds to save taxpayers from trouble. This time, within a week of filing the return of income tax, taxpayers have been sending refunds to their bank accounts. But there have also been some cases in which taxpayers filing returns in June-July have not received refunds yet. This delay in refunds is also sometimes due to technical fault.
Many taxpayers have complained on Twitter that their refund has been pending for a long time. Holding technical glitches responsible for this delay, the Income Tax Department has stated that as part of its commitment to provide better service to taxpayers, we are shifting to a new Technology Upgraded Platform (CPC 2.0) for faster processing of ITR Huh. ITR will be processed on CPC 2.0 for assessment year 2020-21. Thank you for your patience while migrating to the new system.
Some experts say that one of the reasons behind the delay in getting refunds could be the interference caused by the corona virus epidemic. This has brought tremendous pressure on the exchequer.
According to Vivek Jalan, partner, Tax Connect Advisory Services, the government is facing a financial crunch due to the additional expenses incurred due to Kovid-19 this year and revenue has also come down due to lockdown. Therefore, it may also be a reason for delay in refund.
A few days ago, the Income Tax Department said that as of December 14, it had refunded tax of Rs 1.48 lakh crore to more than 1.02 crore taxpayers. This includes personal income tax refund of Rs 45,264 crore and corporate tax refund of Rs 1.03 lakh crore.
The Central Board of Direct Taxes (CBDT) said in a tweet that the department has issued refunds of Rs 1,48,274 crore to 1.02 crore taxpayers from April 1, 2020 to December 14, 2020. An income tax refund of Rs 45,264 crore has been issued in 1,00,02,982 cases and a corporate tax refund of Rs 1,03,010 crore has been issued in 2,00,854 cases.