Income Tax Refund: There are many reasons for the delay in income tax refund. Let us know what can be the reason behind the delay.
Income Tax Refund: If you filed a tax return with the expectation of getting an income tax refund, but the return has not come yet, then there can be many reasons behind this delay. There are many reasons for the delay in income tax refund. Let us know what can be the reason behind the delay and what steps you can take to track your money. If you have not received your refund, first find out the reason and then take appropriate action accordingly. Keep an eye on all communications from the IT Department and if they ask you for additional information or verification, then provide that information immediately.
Reason for delay in income tax refund
The Income Tax Department usually takes a few days to process the ITR. If it has been a while since you filed your ITR, you can check the status of your refund by visiting the ITD website. Refunds are issued only after the income tax return is processed.
ITR Refund Eligibility
You will get a refund through income tax return only if the IT department verifies your eligibility upon processing your income tax return. Once your eligibility is confirmed, the refund is usually credited to your bank account within four weeks.
Bank Account Details
To process an ITR refund, your bank account must be pre-validated; otherwise, a refund will not be issued. Also, the name registered in your bank account must match the details on your PAN card. The refund is credited to the bank account mentioned in your ITR. If the account details are incorrect, you will not get a refund.
Your refund can only be deposited in a validated bank account. Check the bank account validation status on the e-filing portal with the help of the steps given below –
Step 1: First of all go to http://incometax.gov.in
Step 2: Login with your credentials
Step 3: Go to your Profile
Step 4: Click on My Bank Account here
Step 5: Then select Revalidate or Add Bank Account
ITR e-Verification
E-Verifying your income tax return is a mandatory step in the ITR filing process and is necessary to get a refund. You must complete the e-verification process (ITR e-verification) within 30 days of filing your ITR. Doing e-verification within this time limit helps speed up the processing of your refund.
Outstanding Demand
If you have some outstanding dues from the previous financial year, your income tax refund may be delayed. In such cases, your refund will be used to settle those outstanding amounts. You will get information about this through an intimation notice.
Returns under scrutiny
The Income Tax Department may scrutinize some returns to verify accuracy and compliance. If your return is under scrutiny, your refund may be delayed until the assessment is completed.
Mismatch in Form 26AS
Form 26AS acts as a consolidated statement of all the taxes paid by you. If there is a mismatch between the TDS (Tax Deducted at Source) details in your return and Form 26AS, it may delay your refund.
Technical issues
Sometimes, technical issues like server problems or backlogs may also delay refunds. In such cases, it is advisable to contact the ITD helpline for clarification. You can also send an email to seek help. If the refund is still delayed or you face some issues, consult a tax professional or chartered accountant.
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