Income Tax Department appealed for speedy settlement of refunds for 2022-23, know details

The Income Tax Department on Saturday asked taxpayers to respond to the information received by the Income Tax Department regarding outstanding demands of previous years so that refunds for the financial year 2022-23 can be settled expeditiously.

Amid reports from some taxpayers on social media about earlier tax demands made to the Income Tax Department, the department in a post on Opportunity is being provided.

7.09 crore returns have been filed for income earned in the financial year 2022-23. Of these, 6.96 crore ITRs have been verified, out of which 6.46 crore returns have been processed, including 2.75 crore refund returns. The department said, 'However, there are some cases in which refunds are due to taxpayers, but the previous demands are outstanding.

Section 1 of the Income Tax Act, 1961 provides an opportunity to taxpayers to make a representation before adjusting the refund against the existing demand. The taxpayer is required to agree, disagree or clarify the position of the demand. It said, 'Taxpayers with existing demands in previous years are being advised to avail this opportunity and respond to such intimations to facilitate clearing or reconciliation of pending demands and timely release of refunds. Give.' The Income Tax Department said it is making every possible effort to complete the process of Income Tax Returns (ITR) and issue refunds expeditiously.