Taxpayers to get Income Tax refunds by April 30 for FY21

The Central Board of Direct Taxes has issued a circular that the taxpayers who are waiting for their tax refunds for FY20-21 would probably get their payments by April 30, 2024.

Taxpayers to get Income Tax refunds by April 30 for FY21

In a notification issued by CBDT on March 1, 2024, the CBDT stated that the taxpayers can get their income tax refunds by April 30, 2024. Therefore it is advised that taxpayers should regularly check their email for any intimation notice from the Income Tax Department. The taxpayers who have filed a return request at the Centralised Processing Centre [CPC] within a specified period, will get an intimation notice from the Income Tax Department under Section 143[1] of the Income Tax Act, 1961.

If the individual receives the intimation notice for the same, it means that their filed ITR has been successfully processed. It is important to note that the deadline for submitting an updated income tax return [ITR] for the FY2020-21 is March 31, 2024. The Centre 2022 introduced the Finance Act of 2022, which allows taxpayers to fill their returns for the same financial year who were unable to do so before.

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Earlier, till AY 2021-22, the timeframe for CPC to process a return was one year from the end of the financial year in which the ITR was filed. An updated return can be filed within 24 months [two years] from the end of the relevant assessment year.

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