Income Tax Refund Status: There are some taxpayers who have not yet received their ITR refund and are still waiting for it. Delay in ITR refund can happen due to various reasons. What are those reasons, we tell you about that.
Income Tax Refund: If you had filed income tax return for the financial year 2021-22, then you must have started getting refund from the government. The Finance Ministry has informed by tweeting that in the current financial year, tax returns have been issued 67 percent faster than last year i.e. 2021. The Income Tax Department has issued income tax refund of about Rs 2.15 lakh crore between April 1, 2022 and November 30, 2022. According to the department’s tweet, this is about 66.92 per cent more than the refunds during the same period last year.
However, there are some taxpayers who have not yet received their ITR refund and are still waiting for the same. Delay in ITR refund can happen due to various reasons. What are those reasons, we tell you about that.
This could be the reason
Delay in ITR refund can happen due to various reasons. Therefore, taxpayers have to first check whether their income tax refund has been processed by the department or not. They can get refund only when their ITR has been processed and confirmed on the tax department official website. Refund status can be checked on the official portal of Income Tax Department.
Bank account verification can also be another reason for delay in ITR refund. Taxpayers can check the error in verifying bank account and check whether your bank account is related to your PAN by logging into the e-filing portal. Apart from this, refunds can also be delayed if there is outstanding demand pending from the taxpayers from the previous financial year. However, the Income Tax Department in this case will adjust the refund amount against that demand.
There can be another reason for delay in ITR refund. If the refund amount is less than Rs 100, then the Income Tax Department does not credit it to your bank account. In such cases the amount is adjusted against future income tax refund.
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