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.
IT Refund Status: The statement said that between April 1 and November 10, refunds worth Rs 1.83 lakh crore have been issued. The ministry said, “The direct tax collection till November 10, 2022 shows that the gross collection is Rs 10.54 lakh crore. This is 30.69 per cent more than the gross collection of the corresponding period last year. There has been an increase of 22.03 per cent and 40.64 per cent in gross corporate tax and personal income tax collection, respectively.
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.
