The deadline for filing income tax returns has passed and now the refund is awaited. Taxpayers consider the amount received in the form of refund as a bonus for themselves and this is the reason why this money is eagerly awaited. If you also filed the ITR on time and did not get the refund even after the stipulated period, then what could be the reason behind it.
New Delhi. The last date for filing income tax returns for the assessment year 2022-23 has passed, now taxpayers are waiting to get their refund. Although the Income Tax Department returns your own money as refund, but still people consider it as a bonus and eagerly wait for it.
Many a times, despite filing income tax returns on time, your refund does not come from the department and the taxpayer is worried about whether his money is stuck. Tax matters expert and CA Atul Jain explains that if you are also facing the same fear or if the refund is not received even after the passage of time, then there can be mainly 5 reasons for this. The department may withhold your refund due to these mistakes. The department usually returns your refund within 25 to 60 days.
1- Non-delivery of additional documents
This is often the biggest reason behind the refund getting stuck. Actually, the Income Tax Department needs additional information from the taxpayers. Therefore, only after getting the necessary documents, the department processes your refund. If you also come to know that any document is missing, then contact your Assessing Officer and submit the necessary documents and also get the receipt.
2- Wrong claim of refund
In many cases, it has been observed that the amount stated by the taxpayer in the refund claim does not match with the assessment of the department. Even if this happens, your refund may get stuck. However, in such cases, the Income Tax Department will send a notice to you to inform that the amount of refund being sought by you is wrong, while the amount being refunded. If you respond to this notice to the satisfaction of the department, you will get the actual refund.
3- Wrong details in ITR
Many times the taxpayer fills mismatch or wrong details in his income tax return, due to which his refund gets stuck. In such a situation, it is possible that there is a difference between the information given by you and the information available with the department. The most common mistake in this is about the bank account. If you do not fill the correct bank account or correct account details, your refund will definitely get stuck.
4-For non-payment of tax dues
Even if you did not assess your tax liability properly and deposited less than the tax demanded by the department, then your refund gets stuck. In such a case also, the department sends you a notice asking for the outstanding tax and after paying it, refund is issued to you. Sometimes the department also adjusts your refund with the outstanding tax.
5- In case of non-verified bank account or ITR
If you have not pre-verified your bank account, in which refund is to come, then due to this money can also get stuck. The taxpayer should pre-validate the account before filling the details of his bank account in the income tax return. Apart from this, some taxpayers file their returns on time, but do not verify the ITR within the stipulated time. For this reason also your refund may get stuck.
What taxpayers to do if refund is not received
If you have not received the refund even after everything is correct, then the first thing you should do is talk to your bank. Many times, despite the refund issued by the Income Tax Department, the bank delays in crediting it to your account. If the matter does not work here also, then you can send a complaint through the official website of the department or you can also get information from the department regarding your refund through toll free number.
