Income tax refund can be delayed, Income tax department explains this reason

Income tax refund can be delayed, Income tax department explains this reason

Business Desk: There may be a delay in getting income tax refund for FY 2020-21. Most taxpayers who have filed ITR for this year have not yet received income tax refund. When the taxpayers raised their voice against this, the Income Tax Department said that the software is being upgraded for faster processing of ITR. Due to this technical upgrade income tax refund can be delayed.

In fact, many taxpayers had filed ITR in June-July itself, when they did not get tax refund, they raised voice on Twitter for refund. After this, the Income Tax Department said in a tweet that they are moving to a new technologically upgraded platform (CPC 2.0) to provide good services to the taxpayer and faster processing of ITR.

No information about the timeline, the
department said that the income tax return of assessment year 2020-21 will be processed through CPC 2.0. Refund is delayed due to this. However, the Income Tax Department has not given any timeline for the commencement of income tax return process for migration and assessment year 2020-21 on the new CPC 2.0 platform. Currently, all types of income tax returns are processed at the Centralized Processing Center in Bangalore. With the introduction of CPC 2.0 platform, taxpayers will get a lot of facilities and ITR processing will be much faster.

1.32 Lakh Crore Refunds
Income Tax Department has issued refunds of more than Rs 1.32 lakh crore to more than 39.75 lakh taxpayers between April 1, 2020 and November 10. Personal Income Tax Refund Rs 35,123 Crore and Corporate Refund Rs 97,677 Crore Refunded to Taxpayers. 


Rising FDI shows investor confidence in India: Piyush Goyal

Rising FDI shows investor confidence in India: Piyush Goyal

New Delhi. Commerce and Industry Minister Piyush Goyal said on Saturday that the increase in foreign direct investment ( FDI ) shows the interest of investors towards favorable environment in India. In the current financial year, July to September, India has received FDI of $ 28.1 billion. The investment stood at $ 14.06 billion in the year-ago period. Goyal tweeted, "Even after the corona virus epidemic, FDI has doubled on an annual basis.


This shows the confidence of global investors in the favorable environment in India under the leadership of Prime Minister Narendra Modi . FDI increased to $ 28.1 billion in the July-September quarter from $ 14.06 billion a year earlier. ”According to official figures, FDI grew by 15 percent to $ 30 billion in the first half of the current financial year.


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