ITR Filing 2023: The Income Tax Department has in a notification recently highlighted that numerous instances in which ITRs have been processed, and refund amounts have been calculated.
Income Tax Refund Status: As July 31 was the last date to file Income Tax Return (ITR), almost all taxpaying employees have filed their ITR and are now waiting for their refund. Even as some of them have received their refund, others are yet to get it credited to their accounts. If you are one of the taxpayers who haven’t received Income Tax Refund after filing the ITR, various factors may account for the delay. It’s crucial to understand these potential reasons to ascertain the cause of the delay and then proceed with the necessary steps.
Read More: Still Haven’t Received Your ITR Refund? Here’s What You Can Do To Get Your Claim Faster
The Income Tax Department has in a notification recently highlighted that numerous instances in which ITRs have been processed, and refund amounts have been calculated. Even then, the I-T department has faced challenges in issuing these refunds because some taxpayers have yet to verify their designated bank accounts for the refund disbursement.
In this regard, the I-T Department has asked taxpayers to validate their bank accounts through the e-filing portal. The Income Tax refund will only be credited into a bank account which is validated on the e-filing portal. Here’s how to validate your account:
Read More: Mera Bill Mera Adhikar Scheme on GST Invoicing: Is It Going To Be A Game Changer?
- Visit http://incometax.gov.in;
- Login
- Check Profile
- Then Check My Bank Account
- Revalidate/Add Bank Account
It should be noted that the previously validated bank accounts some time also require updation and re-validation due to change in bank account details.
Apart from this, there are a few key reasons why you might not have received your ITR refund. Check here:
ITR Filing Under Process
The Income Tax Department usually takes time to process an ITR. If your ITR is under process, then it will take time to get it credited to your account. A refund is generally issued only after the income tax return is processed.
ITR Refund Eligibility
You will receive an Income Tax Return refund if the Income Tax Department verifies your eligibility for it after processing your income tax return. Once the department confirm your eligibility, the refund is typically credited within four weeks.
Wrong Bank Account Details
It is essential that your bank account is pre-validated for the ITR to be processed, otherwise, the refund won’t be issued. Moreover, if the name registered in your bank account matches the details on your PAN card, then the refund will be credited to the bank account. But if the account details are incorrect, you will not receive the same.
ITR Must be e-verified
Verifying/E-verifying your income tax return is a mandatory step for al taxpayers. All must complete the e-verification process within 30 days of filing ITR. E-verifying ITR within the given time will help to speed up the processing of your refund.
