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Processing of Income Tax Return under section 143(1) of the Income Tax Act
How Central Processing Centre of Income Tax Department process your refund claim?
This video explains processing of ITR by CPC Bangalore with the help of Live Case Study.
Processing of Income Tax Return (ITR)under section 143(1) by CA Mehul Thakker.
( Products for Tax Professionals, CA Final or CMA Final, Study Materials, Course Book, Pen Drive, Online Classes - Inquire at info@mtliveca.com - Call us on +91 93135 46209 )
Tax refunds are generally issued in around a month's time after the processing of ITR. “Normally, refunds are processed within 20 to 45 days from the completion of processing of ITR by the Centralized Processing Centre. However, due to Corona processing was delayed but at present 99% refund claims were processed and credited to the bank accounts of taxpayers.
Sometimes complaints are there from the taxpayers regarding non-receipt of refunds. One of the probable reason is that return has not been verified. Thus, your tax refund will not be processed unless you verify the ITR either electronically through EVC/OTP or by sending it through normal or speed post to CPC, Bangalore, as filing of ITR is not considered as complete without verification.
The main reason for delay in refund claim is that ITR is verified manually and then sent to CPC, Bangalore through normal or speed test.
In order to accelerate the refund process, it is advisable to verify the ITR either electronically through EVC/OTP so that same can be processed faster by CPC.
Apart from the statutory compliance, one of the motivating factors of filing Income Tax Return (ITR) in due time is claiming the refund of excess taxes paid and saving yourself from late fee, penalties and prosecution.
Video Link: youtu.be/YCeBzJGnDBw
More Detail - www.mtliveca.com/processing-of-income-tax-return-by-ca-me...
Website - www.mtliveca.com/
Processing of Income Tax Return under section 143(1) of the Income Tax Act
How Central Processing Centre of Income Tax Department process your refund claim?
This video explains processing of ITR by CPC Bangalore with the help of Live Case Study.
Processing of Income Tax Return (ITR)under section 143(1) by CA Mehul Thakker.
( Products for Tax Professionals, CA Final or CMA Final, Study Materials, Course Book, Pen Drive, Online Classes - Inquire at info@mtliveca.com - Call us on +91 93135 46209 )
Tax refunds are generally issued in around a month's time after the processing of ITR. “Normally, refunds are processed within 20 to 45 days from the completion of processing of ITR by the Centralized Processing Centre. However, due to Corona processing was delayed but at present 99% refund claims were processed and credited to the bank accounts of taxpayers.
Sometimes complaints are there from the taxpayers regarding non-receipt of refunds. One of the probable reason is that return has not been verified. Thus, your tax refund will not be processed unless you verify the ITR either electronically through EVC/OTP or by sending it through normal or speed post to CPC, Bangalore, as filing of ITR is not considered as complete without verification.
The main reason for delay in refund claim is that ITR is verified manually and then sent to CPC, Bangalore through normal or speed test.
In order to accelerate the refund process, it is advisable to verify the ITR either electronically through EVC/OTP so that same can be processed faster by CPC.
Apart from the statutory compliance, one of the motivating factors of filing Income Tax Return (ITR) in due time is claiming the refund of excess taxes paid and saving yourself from late fee, penalties and prosecution.
Video Link: youtu.be/YCeBzJGnDBw
More Detail - www.mtliveca.com/processing-of-income-tax-return-by-ca-me...
Website - www.mtliveca.com/