Download
1 / 2
20 likes | 23 Views
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.
E N D
Not Got Your Income Tax Refund Yet? Here's What You Should Do 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.
