IT refund will take time this year

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IT refund will take time this year. They are going to scrutinize the returns very strictly. For this, they are adapting the specially designed, self-automated and modified artificial intelligence software program (AI) for scrutinizing the field of ITR. This program will first collect the data linked with your PAN card, then it will automatically follow the linked data with your Aadhar card.

After this the AI will tally the transactions linked with your Aadhaar and PAN to the bank accounts attached. Now it will collect all details of fixed deposits, quarterly interests credited, share dividends, share transactions, mutual fund and shares long term and short-term gains of all bank accounts you declared & attached yourself with your income tax ITR returns filed by you. Now it will start tallying the undeclared bank accounts on your name and also with the joint bank accounts where you are second and third holder.

It will also search the postal accounts and bank accounts with all cooperative banks, local credit institutions, postal fix deposits, interests, postal RDs, MIS, senior citizen saving schemes etc either single or jointly with second name where your investments are made with the family members who are non-registered ITR filers.

The PAN card will now be checked with the government registry office for any Land and immovable properties transactions in the current and previous three years.

After all this complicated workout the debit cards, credit cards transactions, passport, visa attached tour details, two & four-wheeler purchase or sale etc.

The complete data collected will be tallied with data you declared & filed in your Income Tax Return.  It will also be tallied with TDS in AS26 data.

The declared and undeclared factual income tax will be calculated automatically and demand will be sent to you under 143(i).

The full proof automated AI-ITR program is successfully finalized & tested. And will be implemented for the first time from this year now.

 So income tax processing is delayed somewhat. All the ITRs are expected to be processed late in the last week of July or max in the first week of August.

 Because this specially designed AI-ITR program has enough capacity to do all this work out in a fraction of seconds.

So don't worry and be happy

Those who still haven't filed the ITR must be cautious while filing ITR. 

Deal ends

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