CURRENT AFFAIRS

Detailed explanation-1: -According to tax experts, this could be due to several reasons: the income tax department could be handling a large number of returns, hence the delay, or you might not have linked your nominated bank with Aadhar, or you have not nominated the right bank where the money could be transferred, besides other reasons.

Detailed explanation-2: -At the end of 2021, IRS had a backlog of about 10.5 million paper returns and returns stopped for errors. As shown in the figure, IRS addressed its backlog of 2021 paper returns. However, as of late September 2022, IRS had about 12.4 million returns to process, resulting in refund delays for millions of taxpayers.

Detailed explanation-3: -The Central Board of Direct Taxes (CBDT) is the authority vested with the responsibility of the administration of laws related to direct taxes through the Department of Income Tax. In India, necessary inputs for policy and planning is provided by the CBDT.

Detailed explanation-4: -The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income-tax located in different parts of the country. The Commissioners of Income-tax are entrusted with the task of collection as well as refund of Income-tax and Corporation Tax, etc.