ITR Refund Update: The department transfers refund only to those bank accounts which are already validated. That is, the details of the bank account linked to your PAN should be verified on the Income Tax e-filing portal before the refund process.
ITR Refund Update: The deadline for filing income tax returns is now very close. You can file your ITR without any penalty till 31 July 2024. Currently, the last date for filing income tax returns for the financial year 2023-24 and assessment year 2024-25 is the 31st of this month. There is no possibility of it being extended, because last time the government did not extend the date.
According to the news of Live Mint, it is necessary to file ITR on time for tax refund. You can file ITR online from home from the Income Tax Department website www.incometax.gov.in. After submitting the ITR form, it is necessary to go through the e-verification process to authenticate your return. You can do e-verification through OTP from your Aadhaar or net banking credentials. After e-verification, the Income Tax Department will evaluate your return. If everything is fine, the department will send you a notification for verification and if any refund is due.
How to get tax refund online
If the notice mentions tax refund, the department will start the process of transferring money to your bank account. This process usually takes four to five weeks. You can check the status of the refund on the department’s website.
These two important things for income tax refund
Pre-validated bank account: The department transfers refund only to those bank accounts which are pre-validated. That is, the details of the bank account linked to your PAN (such as account number and IFSC code) should be verified on the Income Tax e-filing portal before the refund process.
Bank account information should be correct: While filing your ITR, fill the correct details of the bank account in which you want to receive the refund. Errors in the bank account can cause delay in refund.
What to do if refund is not received
If the refund is not received on time, the taxpayer should do this…
Review errors in ITR: Notifications from the Income Tax Department may indicate any mistakes or incorrect calculations in your filed ITR. You can check the notifications through the e-filing portal.
Keep checking emails: The department may send emails providing updates on the status of your refund. These notifications may alert you to delays in processing or ask for additional information if needed.
Use the online refund status tracker: The Income Tax Department website provides a tool to check the status of your refund. By entering your PAN and assessment year details, you can track the progress report and identify any specific reason for the delay.
If this does not resolve the issue, contact the Central Processing Center (CPC). There are different helplines for inquiries about the status of your refund. You can use the e-filing portal to lodge a complaint related to your tax return or refund.
