Have you filed your income tax return (ITR)? Did you receive the tax refund claimed while filing ITR for FY 2020-21? Was the received amount lower than what you had claimed? If yes, don't panic, you are not alone; several taxpayers have received lower tax refunds in their bank accounts.
This is because there has been an error in the new income tax portal because of which taxpayers are getting reduced tax refunds.
Abhishek Soni, CEO & Co-Founder, Tax2win.in said, "We observed that many taxpayers are not getting the complete amount of Refund as claimed in the ITR even the TDS amount is shown in the 26AS statement. The refund amount credited to the client is exactly the same as shown in the prefill data on the Income Tax Website. Ideally, the TDS amount reflected in the 26AS must be considered at the time of processing the ITR by the Income Tax Department. We hope, this issue will be resolved soon by the department".
The deadline to file Income Tax Return (ITR) for Assessment Year 2021-22 (AY22) is December 31. It was extended due to difficulties faced by taxpayers in filing ITR due to technical issues with the new tax e-filling portal.
The Budget 2020-21 had introduced a new Section 285BB in the I-T Act, to revamp Form 26AS to an 'Annual Information Statement' which apart from TDS/ TCS details, would contain comprehensive information of specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in income tax returns.
Following that, in May last year, the Income Tax Department had notified the revised Form 26AS, including information on high-value financial transactions undertaken during a financial year, a move which also facilitated voluntary compliance and ease of e-filing of I-T returns.
