ITR Refund: The refund process starts only after e-verifying the return, and it takes 4-5 weeks for the amount to be credited to the taxpayer’s account. Let’s understand why the refund gets stuck..
ITR Refund: If you have filed ITR, then will you be waiting for tax refund? Although the refund process starts only after e-verifying the return, and it takes 4-5 weeks for the amount to be deposited in the taxpayer’s account. Only those taxpayers are eligible for refund, whose tax has been deducted more than the prescribed tax. This includes tax deduction at source (TDS), tax collected at source (TCS) along with advance tax paid by the taxpayer and self-assessment tax. This information was given by CA Santosh Mishra.
CA Ajay Bagadia told Live Hindustan about the reasons for delay in income tax refund that there can be many reasons for delay in refund, but if we talk about the main reasons, then wrong details of bank account, bank account not verified first, not giving correct information in ITR, investigation of ITR by the Income Tax Department or previous tax due on any taxpayer.
What is Restricted Refund: Bagadia explains that this error comes when the name linked to your PAN does not match the name linked to your bank account. To solve this problem, make sure that both records are the same. You may need to update your name on your PAN or modify your name details with your bank.
What to do if there is a delay in refund
On the question of what steps should taxpayers take in case of delay in refund, CA Abhinandan Pandey said that first of all check your e-mail. Income Tax Department has not sent any refund or any kind of notice. If the refund claim has been rejected in the ITR status, then the taxpayer can request for re-issuance of refund. If the claim is pending, then you can contact the e-filing portal / assessment officer and request for its early settlement.
If there is still a delay, take these two important steps
- You can contact the Income Tax Department by calling their helpline 1800-103-4455 or emailing them at ask@incometax.gov.in. They can assist you regarding the status of your refund.
- You can visit the local Income Tax Office to directly inquire about the status of your refund. Make sure to carry the necessary documents with you.
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