Receiving Income tax refunds is quite phenomenal. You know that the government owes you, and you wait their response. However, in recent years, the government has been laxed in issuing the refunds on time.
This has led to many disappointed taxpayers. However, things are about to change, the IT department has announced that 14 lakh taxpayers with refund value up to INR 5 lakh will get an immediate refund.
Why the tax refunds are released?
The government has taken the move to release the tax refunds to help the MSMEs and other small companies who have suffered intense drawbacks due to coronavirus lockdown. With refunds, these MSMEs can have access to some amount of money that they can then sue to buy groceries, or even pay their employees that have been so under the dumps these days.
Not all is good
Accessing refund is not all that easy. It has come under the attention of the Income tax department that several taxpayers’ refunds have been “cut off” because of pending taxes. Furthermore, out of the 1.74 lakh emails sent out, not many have responded, delaying the matter of refunds.
Process to get the refund
If you are one of the individuals who is to receive a refund, there is a chance that the ministry is waiting for you to respond. That said, you can manually check your refund status using the steps specified below:
- Login to your e filing account
- Click the e file tab and select “respond to outstanding tax demand”
- If you have any, you’ll have to fill the requisite details in the demand notice and press the submit button
- Once you have submitted the demand notice, you will get the notification. Within the next few days, you will get the notification of refund processing.
And within the next few days, you will see that your refund amount has arrived in your account.
Are you still concerned about your refund? Contact our experts and they will wholeheartedly help you.