Income Tax Refund: Income Tax did not give refund to 14 lakh people, this is the reason given..

The returns of a large number of people who filed Income Tax Returns have not yet come. Important information has been given by the Income Tax Department regarding such people. The Central Board of Direct Taxes said that the Income Tax Department is committed to processing ITR in a prompt and efficient manner. Regarding 14 lakh returns not yet verified, CBDT said that not verifying the returns causes a delay in processing.

He also urged the taxpayers to complete the verification process immediately. Along with this, CBDT has also asked 12 lakh taxpayers from whom additional information has been sought to take immediate action. A major reason for this is that the taxpayer has not verified his bank account. CBDT said that due to the non-verification of the bank account, it is unable to send even the approved refund. CBDT has requested taxpayers to verify their bank accounts through the e-filing portal for a refund.
Till now 6.98 crore people have paid tax

The Central Board of Direct Taxes (CBDT) said that more than 6.98 crore income tax returns have been filed for income earned in the financial year 2022-23, of which more than six crore have been processed. CBDT, the apex body related to income tax and corporate tax, said in a statement that in the case of some income tax returns (ITR), the department is not able to process them due to non-providing of some information by the taxpayers or not taking necessary steps.

According to CBDT, out of the total ITR filed for the financial year 2022-23, about 14 lakh returns have not yet been verified by the taxpayers. Apart from this, the department has sought additional information related to income from 12 lakh taxpayers and in this regard, they have been informed about the e-filing accounts. Along with this, some ITR depositors have not yet verified their bank accounts.

88 percent of processing completed
CBDT said that a total of 6.98 crore ITRs have been submitted till September 5 in the tax assessment year 2023-24, out of which 6.84 crore returns have been verified. More than six crore ITRs i.e. 88 percent of the total verified returns have been processed. The Income Tax Department has issued refunds to more than 2.45 crore return depositors. After submitting the income tax return, it is necessary to verify it. Only after that does the Income Tax Department process that return and settle the refund claims. The average time taken for processing ITR was 82 days in the assessment year 2019-20 and 16 days in the assessment year 2022-23. This time has been reduced to 10 days for assessment year 2023-24.

How to do e-verification
After paying income tax, it is necessary to do an e-verification of it. For this, 120 days time is given by the Income Tax Department. To get the verification done, first of all, e-file your income tax return. After e-filing the return, you are given the option to select e-verification. You can verify your return using e-verification and get the refund even without linking your bank account to Internet banking or a demat account.

Various methods are available to you for e-verification. In this, Aadhaar OTP-based verification is done. Perform e-verification by receiving OTP with your Aadhaar number. Apart from this, you can also get verification done with your bank account. You can also do verification using your demat account.

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