ITR Filing: The deadline for filing income tax returns (ITR) passed months ago on September 16. While the tax authorities have processed most refunds, some remain outstanding. If you are still anticipating your ITR refund, here is a comprehensive guide on when you might receive it, typical causes for delays, and additional information.
What is the duration for receiving an ITR refund?
Once your ITR submission is confirmed, the income tax department typically begins processing the refund, which is often deposited within 4-5 weeks. The income tax department states, 'Typically, it takes 4-5 weeks for the refund to be credited to the taxpayer's account.' However, issues like verification problems, bank mismatches, or incorrect information can lead to delays in the ITR refund process.
The tax authority starts handling the ITR refund once the taxpayer has electronically verified the return. If your bank account is pre-validated, you might get updates on your refund sooner. The department advises checking for any inconsistencies and reviewing your emails for notifications if you haven't received the ITR refund within 4-5 weeks.
The I-T department advised that if the refund is not received within this period, the taxpayer should verify any intimation about discrepancies in their ITR and check their email for notifications from the IT department concerning the refund.
What is the process to verify the status of an ITR refund?
These are the procedures to verify the status of an ITR refund —
Step 1: Go to the income tax website at eportal.incometax.gov.in/iec/foservices/.
Step 2: Access your account using your username and password.
Step 3: Select the ‘e-File’ tab, click on 'Income Tax Returns' followed by ‘View Filed Returns’
Step 4: The status of your current and past income tax returns will be displayed on the screen.
Step 5: Select the 'View details' to check the status of your income tax refund.
Frequent causes for delays in income tax refund
Information about a bank account
An income tax refund will not be processed if the bank account information provided is incorrect. Make sure to verify your bank account number and IFSC code before submission. Additionally, you can pre-validate your bank account on the income tax website. Changes to your bank details could result in delays in receiving refunds.
Problem with linking Aadhaar and PAN
If your Aadhaar and PAN details do not align, your income tax refund could be postponed. Linking your PAN with Aadhaar is crucial for the successful filing of income tax returns. Mistakes in this linking process may lead to delays in receiving your refund.
Inaccurate assertions or misleading details
Submitting claims for deductions or credits that require additional documentation might postpone your refund until the necessary paperwork is provided and verified. Overstated refund claims based on incorrect information can also lead to delays, as the tax authority will detect the error, issue a notice for repayment, and thoroughly review the returns. To prevent delays in processing your return, make sure your claims are accurate.
Conflicting details
Discrepancies in the information provided in Form 26AS, the Annual Information Statement (AIS), or Form 16 may lead to delays in the refund process. These inconsistencies need to be clarified, and refunds will be issued only after the Tax Department confirms the accuracy of the details.
Time taken to process a refund
The tax authority starts handling refunds only once the taxpayer has electronically confirmed their return. If the refund does not arrive within the expected timeframe, the taxpayer should look for any alerts about inconsistencies in the ITR and review their email for any updates from the tax department concerning the refund.
Disclaimer: This article is intended solely for informational use and should not be considered as legal or tax advice. It is recommended that taxpayers seek guidance from a qualified tax professional or visit the official Income Tax Department website for precise and current information before submitting their returns.
