Hi,
As the IT Dept says all the pending IT refunds will be processed immediately, is this cover the ITR that are yet to be processed or only the ITR that is processed?
I submitted my ITR 3 months back and the status still shows as ITR filed and e-verified.
Please clarify on this.
Thanks in advance for your clarification.
Obviously it will cover all the ITRs that are yet to be processed. ITRs which have been processed must have been paid the refund or will be paid if processed recently before this announcement.
Further, those ITRs which are pending any submission from the taxpayer like due to defective notice, 143(1)(a) adjustment notice etc cannot be processed unless replied and accepted. Otherwise, it will be processed now if the refund amount does not exceed Rs. 5 lakh.
Reagrds
Sujit Talukder
https://www.taxcorner.co.in/
Yes, there is difference between pending income tax refund and pending assessment of return. The press note says IT dept will "release pending income tax refunds". In my opinion, its only applicable where return was already processed but IT Dept did not release the refund amount due to various reasons. The press note did not say that IT dept will "process all the income tax returns" immediately. Only once assessment is completed, that it is determined that whether refund is payable (and consequently, pending) or if there is a tax demand. The department is very clever and carefully worded the press note.
Thank you for your responses. It is unfair if they dont process the penind ITR's and refunds as I can see on incometaxindia twitter handle that many ITR's are not even processed since June 2019.
Hope we well get some idea next week as they start releasing these refunds.
CAclubindia
