Income Tax Refund: On January 31st, funds that have been waiting for you since 2017 will be deposited into your bank account

 Income Tax Refund: On January 31st, funds that have been waiting for you since 2017 will be deposited into your bank account

Income Tax Refund: On January 31st, funds that have been waiting for you since 2017 will be deposited into your bank account

Income Tax Refund: Have the previous five years seen a stagnation in your income tax refund? You may now exhale with relief as well. In actuality, the government is resolving instances of income tax refunds that have been outstanding for a number of years. For those who have not yet received their income tax refund for the fiscal years 2017–18, 2018–19, and 2019–20, there is good news.

Income Tax Refund: Have the previous five years' worth of your income tax refund been stuck? You may now exhale with relief as well. In actuality, the government is resolving instances of income tax refunds that have been outstanding for a number of years. For those who have not yet received their income tax refund for the fiscal years 2017–18, 2018–19, and 2019–20, there is good news. As per the Income Tax Department's directive, these individuals may now get their accurate refund until January 31, 2024. Due to the expiration of the return processing deadline, these persons' Income Tax Returns (ITRs) were unable to be completed, which resulted in a stalled tax refund for that specific year.

If this requirement is met, a refund will be provided.

Only when your ITR computation agrees with the Income Tax Department's calculation will you get a refund of income taxes. Before the income tax refund is paid to your bank account, you will get an intimation notice under section 143(1) to the email address you registered with. In accordance with the tax department's directive, it will begin processing ITRs for the fiscal years 2017–18, 2018–19, and 2019–20 that have not yet been reimbursed for taxes.

Refunds of unpaid income taxes over the previous five years will be available.

The Central Board of Direct Taxes (CBDT) has been notified, under the ruling, that the reimbursement should be issued even if it is delayed because of technological issues or for other reasons. The Income Tax Act, 1961 (the "Act") states that refunds of income tax for assessment years 2018–19, 2019–20, and 2020–21 that are otherwise lawfully lodged under sections 139 or 142(1) or 119 are payable on January 31. to be delivered by 2024.

These individuals won't get their previously delayed income tax refund.

The ITRs that need to be carefully examined.

The assessee has not processed the ITR for whatever reason.

Following the ITI procedure, an ITR process is used to request further refunds.