Income Tax Refund: July 31 was the last date given by the Income Tax Department to the employed people to deposit income tax. After this, people who had filed returns have started getting their money back. If you have not received the income tax refund yet, then it is important for you to know about the bank related information given by the department. It has been told by the Income Tax Department that the income tax returns of about 35 lakh people have not been received because there is an error or mismatch in their bank information. However, in this financial year the department has given refund of Rs 1.50 lakh crore till October 9. Central Board of Direct Taxes (CBDT)CBDT) Chairman Nitin Gupta said that there is a minor error in the information given by the people filing ITR whose return is withheld due to incorrect bank information. Like many return filers have given their old bank account numbers. Whereas, some have changed their branch. Due to this his IFSC code was changed. In such a situation, money is not able to go into the account.
How many returns have been filed so far
Central Board of Direct Taxes (CBDT)CBDT) Chairman Nitin Gupta said that this year 7.27 crore ITRs have been filed. However, 7.5 crore income tax returns were filed in the financial year 2022-23. In such a situation, it is expected that more returns will be filed in the current financial year than the previous financial year. Along with this, it was told that those who are not receiving their tax refunds should get their bank accounts verified once. Returns are also not coming from people who already have tax dues.
Net direct tax collection increases by 22 percent to Rs 9.57 lakh crore, 52.5 percent of budget estimate
In the current financial year, till October 9, net direct tax collection has increased by 21.82 percent to Rs 9.57 lakh crore. The Finance Ministry gave this information. Net direct tax collections have increased mainly due to better contribution from companies and individual taxpayers. With this, the net collection has become 52.5 percent of the full year Budget Estimate (BE) of Rs 18.23 lakh crore. The ministry said in the statement that the preliminary data of direct tax collection till October 9, 2023 showed a continuous sharp increase. The statement said that the gross direct tax collection stood at Rs 11.07 lakh crore, which is 17.95 percent more than the same period last year. The growth rates of corporate income tax (CIT) and personal income tax (PIT) in gross revenue collection were 7.30 percent and 29.53 percent (PIT only) respectively. The growth rate of PIT including Securities Transaction Tax (STT) was 29.08 percent. The net increase in CIT collection after adjustment of refunds is 12.39 per cent and the increase in PIT collection is 32.51 per cent (PIT only) and 31.85 per cent (PIT including STT). According to the statement, refunds worth Rs 1.50 lakh crore have been issued from April 2023 to October 9, 2023. Direct tax collections in the General Budget 2023-24 are estimated to be slightly more than Rs 18.23 lakh crore, which is 9.75 percent more than Rs 16.61 lakh crore collected in the last financial year.
How to do e-verification
After paying income tax, it is necessary to do e-verification of it. For this, 120 days time is given by the Income Tax Department. To get verification done, first of all, e-file your income tax return. After e-filing the return, you are given options 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 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.
Income Tax Department website launched in new look with more features
The Income Tax Department launched its website with a new look with a user-friendly interface, improved features and new modules. The new website has been launched by the Central Board of Direct Taxes (CBDT).CBDT) Chairman Nitin Gupta presented in the ‘Chintan Shivir’ organized by the Directorate of Income Tax (System) in Udaipur. CBDT said in a statement that to improve the experience of taxpayers and keep pace with new technology, the Income Tax Department has redesigned its national website with a user-friendly interface, better features and new modules. The new website has been redesigned with a mobile-friendly layout. The website also has a ‘Mega Menu’ for new features and content.