For faster tax refund processing, Respond to intimation of past tax demands : IT Dept

tax refund

The Income Tax Department is making every effort to complete the processing of Income Tax Returns (ITRs) and issuance of refunds expeditiously.

For the Assessment Year 2023-24, 7.09 crore returns have been filed. Of these, 6.96 crore ITRs have been verified, of which 6.46 crore returns have been processed as on date including 2.75 crore refund returns. The emphasis is on speedy processing and quick issue of refunds.

Read Also: ITR refund : Income Tax Department unable to process refund for 2 categories

However, there are a few cases in which refunds are due to the taxpayer, but previous demands are outstanding.

1. Section 245(1) of Income-tax Act, 1961, mandates providing of an opportunity to the taxpayer to make a representation before adjusting the refund against an existing demand. The taxpayer is required to agree, disagree or clarify the status of the demand.

2. Accordingly, taxpayers with existing demand(s) in the previous years are being intimated of the same.

3. This is a taxpayer friendly measure where an opportunity is being provided in line with principles of natural justice.

4. Taxpayers are requested to avail this opportunity and respond to such intimations to enable cleaning up/reconciliation of pending demands and facilitate timely issue of refunds.

Read Also: Income Tax dept sending notices to Salaried Individuals
Disclaimer: The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.

For Collaborating with us-

Tags: Uncategorized

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed