Has Anybody Received Refund After Filing ITR for 2021-2022? Process and Timeline Explained

As the tax season wraps up for the financial year 2021-2022, many taxpayers are eager to know if they will receive a refund after filing their Income Tax Returns (ITR). This article delves into the refund process, current status, and tips to expedite the refund in case you haven't received yours yet.

Refund Process and Timeline

The deadline for filing ITR for the financial year 2021-2022 has passed, and several taxpayers have already received their refunds. In ITR parlance, the year in which the return is filed is known as the Assessment Year (AY), not the Financial Year (FY). For this particular year, the AY is 2022-2023.

According to various sources, few refund claims have been processed in the assessment year AY 2021-2022. However, physical credit into bank accounts has not yet occurred for all of these claims. It is expected that the refund process will be completed in the coming months.

Refund Delay or Withholding

It's important to note that refunds are delayed or withheld only in certain cases. These instances include:

Tax Credit Mismatch: If there is a discrepancy between the taxes mentioned in the return and the tax credit mentioned in Form 26AS, the refund process will be delayed. Scrutiny Cases: Returns that are flagged or picked for scrutiny often experience delays in the refund process. This is to ensure that the tax returns are thoroughly checked for any discrepancies or issues.

The Central Public Financial Debt Corporation (CPC) typically takes around 3 weeks to process refunds. If there is no tax credit mismatch and the return is not flagged or picked for scrutiny, the refund process should move smoothly.

Individual Experiences

Based on personal experiences, several individuals have already received their refunds after filing their returns in June and July:

1. June: Some people starting getting refunds. For example:

18 June - Mother received refund on 25th July 19 June - Self received refund on 23rd August

2. July: Few more individuals reported receiving their refunds:

23 July - Dad's return was not processed yet; an acknowledgment was received

3. General Trends: It seems that the refunds are being processed in a specific order. For example:

ITR-1 is being processed first, followed by other returns. If you have filed ITR-2 at the same time as your parents, it might be delayed as it is not a priority return.

Conclusion

While the refund process for the financial year 2021-2022 is ongoing, there are several factors that can affect the speed of the refund. Ensuring that there is no tax credit mismatch and avoiding flagged returns can expedite the process. If you haven't received your refund as of yet, it is advisable to check the status on the Income Tax Department's official website or contact the concerned authorities for any issues that might be causing the delay.

Keywords: Income Tax Return, Refund Process, ITR 2021-2022