Income Tax Refund means refund of additional tax collected by the Income Tax Department. This tax goes to the Income Tax Department through TDS, TCS, advance tax or self assessment tax.
Income Tax Return (ITR) season is going on and the last date to file your ITR is July 31. But what if your income tax return fails even if you have filed your ITR?
Read More:- How to file ITR online – Steps for e-filing income tax return
Let’s first know what is income tax refund? The term “income tax refund” refers to a refund amount started by the income tax department when the amount paid in taxes exceeds the actual amount payable. The tax is determined after all deductions and exemptions are considered by the income tax department during the assessment process.
The tax agency will begin processing refunds only when the taxpayer has e-verified the return. The refund usually takes 4-5 weeks to be deposited into the taxpayer’s account. However, if the refund is not received within this time frame, the taxpayer must check for ITR anomalies and check their email for any notifications from the IT department regarding the return. The taxpayer can also verify the status of his or her refund by e-filing, following the steps outlined below.
Read More: ITR Filing Last Date This Month; Here’s How To File Your Income Tax Return Online For Free
Why I-T refund gets failed
Here are a few reasons why your income tax return fails.
1. If the bank account is not pre-validated. It is now required to pre-validate your bank account.
2. The name on the bank account does not match the PAN card data.
3. In the event of an incorrect IFSC code.
4. If the account you referenced in the ITR has been closed.
How do employed people deduct more tax?
In the case of employed people, many times the new tax regime is selected by mistake and the employee is not able to get any benefit from HRA to other investments. Even in such cases, more tax is deducted. However, while filing an ITR, the person can change his tax regime to the old one and can claim all the deductions. After this, a refund is issued by the Income Tax Department.
Read More: Income Tax Return Filing: Is it compulsory to file ITR if income does not exceed Rs 7 lakh?
In how many days does the refund come?
According to the Income Tax Department website, it takes about 4-5 weeks for the income tax refund to arrive. To get this refund, you not only have to file the income tax return but also have to get it e-verified. Many times people forget to get e-verified, due to which their refund gets stuck. Refunds are available within 4-5 weeks only after e-verification.
I-T refund failed: Here is how to do refund reissue request
If you have received notification from the Income Tax Department or refund banker that the refund processing has failed, you can file a refund reissue request using the e-filing site.
