Income Tax Refund: If you are also one of those crores of taxpayers who are waiting to get their income tax refund, then this news is for you. Central Board of Direct Taxes i.e. CBDT Chairman Ravi Aggarwal told CNBC Awaaz in an exclusive interview that all the pending refunds will come to your bank account by next month. The chairman said, “All the pending income tax refunds will be issued by next month.”
Now you might be wondering why there is this delay? In fact, small refunds have already been processed and issued. But there has been some disruption in high value refunds as irregularities were found in some claims. Such as claiming wrong deduction, mismatch in documents or taking invalid exemption.
Tax collection target is Rs 25 lakh crore
The department has issued notices in such cases so that clarification can be made. The chairman said that this process is in the final stage. Everything will be clear by next month. Meaning, if your refund is small, you may have already received it. Refunds for higher amounts may take some time.
The Chairman also said that the target of tax collection is Rs 25 lakh crore, which will be achieved. There has been more than 40 percent increase in the disposal of appeals, which means old cases are being disposed of faster. The industry has been given a lot of time for TDS compliance, so that mistakes are reduced. Efforts are being made to strengthen the system through this. If you feel that your refund is stuck, then first check the status on the e-filing portal. This will let you know how far the processing has reached. If there is any minor mistake, it can be rectified quickly under the new rectification rules. CBDT has recently issued a notification, in which the power to fix errors has been given at the commissioner level only. With this, the refund will be given faster, and there will be no interest discrepancy. You can also get updates by calling the helpline.
The new income tax bill will be implemented from April 2026
Apart from this, let us tell you that the new income tax bill will come into effect from April 2026. The Chairman said, “Preparations are underway to implement the new Income Tax Bill from April. Its aim is to simplify the tax law and eliminate difficult processes. The rules have to be made simple and easy to understand for the taxpayer. Now the forms will be smaller, the columns which are not necessary will be removed. E-filing will become faster and easier. New forms and rules will be issued by the end of this year or January. The Chairman also said that taxpayers will get maximum convenience from this. The system will be made automatic so that there is no problem, meaning paying taxes will become child’s play in future.
If you are a small businessman, a salaried person or a freelancer, then these reforms will prove to be a boon for you. The wait for refund is about to end, and the tension will reduce with the arrival of the new bill. There is full hope of getting all the pending refunds by next month. This is a big relief for millions of people whose money was stuck for months. It is now clear that the delay in the big refund was because some people were making wrong claims and there were problems with their documents, that is why the stay was imposed. The new Income Tax Bill will prove to be a complete game-changer. With this, filing returns will now be easier through the form and the entire process will be done quickly.
