ITR REFUND Processing रिफंड लेने वालों को आएंगे नोटिस ! Income Tax Return Processing Latest update
This video from CA Satbir Singh discusses the current status of Income Tax Return (ITR) processing and warns taxpayers who have claimed refunds that they might receive notices. As of October 9th, over 6.23 crore returns have been processed, with 1.05 crore still pending. It is estimated that it will take around 27 days for all pending returns to be processed, assuming 391,000 returns are processed daily [00:41].
The main reason for potential notices and delays in refund processing is the discovery of over ₹900 crore in fraudulent refund claims across India [01:06]. The Income Tax Department has identified more than 2 lakh suspicious ITRs where fake refunds were claimed using incorrect information or false deductions [01:34]. The department is using Artificial Intelligence (AI) to identify risky returns and is investigating these claims thoroughly [02:00]. This includes verifying deductions claimed based on fake receipts for school fees, donations to political parties, or NGOs [03:00]. The department is matching PAN and Aadhaar details of taxpayers and recipient organizations to detect discrepancies [04:16].
Taxpayers who have claimed refunds over ₹20,000 and are found to have made fraudulent claims may receive notices [04:44]. For smaller discrepancies, individuals can revise their returns by December 31st to avoid penalties [05:08]. For older assessment years, an updated return can be filed within four years, but this will involve paying additional tax and interest, with the percentage increasing based on the delay [05:31]. The video emphasizes that even after a return is processed and a refund is received, the Income Tax Department can still take action, including issuing notices for up to 3 to 5 years after the assessment year ends, depending on the income escape amount [06:33].
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ITR Not Processed? Refund Not Received?
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