Around 35 lakh cases for the issuance of income tax refunds are currently "held up" with the Income-Tax Department due to mismatch and validation of taxpayers’ bank account information.
“Refunds are held up because the taxpayer has not validated their bank account, either the bank has merged or the assessee has changed cities and the IFSC has changed. We urge the taxpayers to get their bank accounts validated,” said Nitin Gupta, the Chairperson of the Central Board of Direct Taxes (CBDT).
Gupta emphasised the department is trying to get in contact with such taxpayers. He expressed commitment to crediting refunds quickly.
Regarding the cases where refunds are stuck due to old Demand Notices pertaining to 2010-11, Gupta explained that this issue arose because the department underwent a technology shift in 2011 - from paper-based registers to computerised systems - and therefore some of these old demands were coming up in the accounts of certain individuals.
As per official data for the assessment year 2023-24, out of the 7.27 crore Income Tax Returns (ITRs) filed, about 93.5% of duly verified ITRs have been processed.
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