Waiting for your Income Tax Refund? Your wait might be over!
While the ITR filing due date has been extended, a lot of people filed their ITR for FY 2019-20 long ago and are still waiting for their refunds. We've got some good news for these early bees.
CPC has started processing Income Tax Returns now! A few people have started receiving an Intimation for processing of ITR. Sit back, ensure your ITR has been e-verified and wait for the refund to be processed!
Based on past trends, CPC takes 30-60 days to process an ITR and issue refund. This year has been slow (obviously), because of the Covid situation. A technical update (CPC 2.0) has further delayed matters. However, it looks like taxpayers will finally start receiving their refunds.
We can assume the following based on past years:
ITRs filed earlier will probably be processed earlier - Those filed in June 2020 should be processed first.
E-verified ITRs will probably be processed before ITRs verified through the old ITR V method.
Nil returns will be processed in lesser time.
ITR 1 & 4 will be processed before other ITRs. Other ITRs (especially ITR-3) may take more time to process.
Still haven't filed your ITR? What are you waiting for? The last date is 31 December 2020. Start moving quickly!
Get a personalized quote for filing your Income Tax Return for FY 2019-20 STEP 1 Download our Sources of Income File
STEP 2 Fill up file with your sources of income
STEP 3 Send us the file at support@thegalacticadvisors.com
STEP 4 Sit back and relax as our team shares with you a personalized quote for filing Income Tax Returns within 24 hours!
