Once
your income tax return is processed, it almost takes 30-45 days for you to
receive the refund. Taxpayers who have filed their income tax return before
July 31 might have received the refund by now. On the other hand, Tax assesses
who have filed the ITR around August 31 for the financial year 2018-19 are
still waiting for the refunds to credit in their account. Well, this time is an
appropriate time for the individuals applied for ITR filing to check if they
received the refund by the income tax department or not. Moreover, there could
be many reasons for a delay in refund process like mistakes in the income tax return filing,
discrepancy in income, incorrect bank account details, wrong address, and others.
If
you are also among those who still have not received the tax refund, here we've
discussed some of the reasons for the delay in getting your refund and what you
should do in case of delay-
Mistakes
in the Tax-filing
If
you haven't received the refund, there are possibilities that you made blunders
while ITR filing likes
misspell critical personal information or put in wrong details. In such cases,
the taxation authority will take time to confirm and verify the same. In
addition to this, there could also be mismatches in the figures that you had
provided previously and what you did this year. The tax department will check
the records thoroughly to confirm if you need to share additional information.
Discrepancy
in income or tax amount
This
occurs when your form 16 details do not match with the details
mentioned in form 26 AS. If there is any discrepancy in the income from various
sources, the refund process may get interrupted. Refund also gets delayed where
ITR couldn't be processed due to proposed adjustment under section 143(1)(A).
Although, in this case, you will be intimated with the new tax demand due to
which the process may take a little longer.
Incorrect
bank account details
Even
if you completed all the formalities and do not give accurate bank details,
then it will be difficult for the income tax department to process your refund.
The wrong details like a wrong bank account number or IFSC Code, bank account
mentioned for refund not being linked with PAN or not pre-validated at the e-filing
portal could delay the refund process due to which the taxpayers may have to
wait till the time they receive the refund in their account. The taxpayer will
be asked by the authority to submit updated bank account details through
their income tax
India e-filing login on the
e-filing portal.
How
to check the Income Tax Refund Status?
According
to income tax departments e-filing website, there are several steps through
which you may know about how to check refund status-
Taxpayers
simply log in to the income tax department's e-filing website with registered
user id and password. Click on 'View Returns and Forms' on the page. From the
drop-down menu, go to select 'Income Tax Returns' and then select the last
assessment year after which the income
tax refund status will
be shown to you.
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