Income Tax Department Urges Taxpayers to Respond to Intimations for Faster Refunds.

Income Tax Department Urges Taxpayers to Respond to Intimations for Faster Refunds.

Asif Iqbal | September 23, 2023 | 03:46 PM IST | Breaking News | Follow on Google News

Income Tax Department Urges Taxpayers to Respond to Intimations for Faster Refunds. Pic/mint

In an effort to expedite the clearance of refunds for the fiscal year 2022-23, the Income Tax Department has called upon taxpayers to address intimation notices from the department concerning outstanding tax demands from previous years. This move, as conveyed through a post on ‘X,’ aims to enhance the efficiency of the refund process while ensuring that taxpayers are given the opportunity to address past unsettled tax obligations, in line with the principles of natural justice.

The department’s statement emphasizes its commitment to processing Income Tax Returns (ITRs) promptly and issuing refunds without delay. As of now, approximately 7.09 crore returns have been filed for income earned during the 2022-23 fiscal year. Among these, 6.96 crore ITRs have been verified, and 6.46 crore returns have been processed, including 2.75 crore refund returns. However, a few cases exist where refunds are owed to taxpayers, but previous tax demands remain unsettled.

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According to Section 245(1) of the Income-tax Act, 1961, the department is obligated to notify taxpayers before adjusting a refund against an existing tax demand. Taxpayers are given the opportunity to agree, disagree, or provide clarification regarding the status of the demand. In line with this legal provision, taxpayers with outstanding tax demands from previous years are being intimated about the same.

The Income Tax Department urges taxpayers to take advantage of this opportunity and respond to such intimations. This proactive approach will facilitate the resolution and reconciliation of pending tax demands, ultimately expediting the issuance of refunds to eligible taxpayers.

Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.