This year’s Income Tax refund is taking time. The Sources are citing that the income tax department will examine the returns extremely carefully. They are doing this by modifying a specifically created, self-automated artificial intelligence (AI) software program to examine the ITR field. This program will automatically collect the data connected to your PAN card first, then the data linked to your Aadhar card according to sources.
Also Read: Nil ITR Filing : Nil ITR Benefits and who is eligible for it?
After this the artificial intelligence (AI) will tally the transactions linked with your aadhar and PAN to the bank accounts attached. Now it will collect all details of fixed deposits, quarterly interests credited, share dividends, share transactions, mutual fund and shares long term and short term gains of all bank accounts you declared & attached yourself with your income tax ITR returns filed by you. Now it will start tallying the undeclared bank accounts on your name and also with the joint bank accounts where you are second and third holder.
Further sources are telling that it will also search your postal accounts and bank accounts with all cooperative banks, local credit institutions, postal fix deposits, interests, postal RDs, MIS, senior citizen saving schemes, etc., either individually or jointly with in a second and also finds where you have invested.
Also Read: What happens if you miss the ITR filing deadline of July 31, 2023
The PAN card will now be checked with the government registry office for any Land and immovable properties transactions in the current and previous three years.
After all this complicated workout the debit cards, credit cards transactions, passport, visa attached tour details, two & four wheeler purchase or sale etc.
The complete data collected will be tallied with data you declared & filed in your Income Tax Return. Also will be tallied with TDS in AS26 data. the declared and undeclared factual income tax will be calculated automatically and demand will be sent to you under 143(i).
Also Read: Income Tax Notices issued due to errors and wrong details found in many ITR
The full proof automated AI-ITR program is successfully finalized & tested. And will be implemented for the first time from this year now.
So income tax processing is delayed somewhat. All the ITRs are expected to be processed late in the last week of July or max in the first week of August.
Because this specially designed AI-ITR program has enough capacity to do all this work out in a fraction of seconds.
So don’t worry and be happy.
Also Read: Cryptocurrency in ITR: All you need to know about Crypto tax rules
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