Income Tax Refund: This year, the income tax filing date was September 16th. Many taxpayers have yet to get their refunds in their bank accounts, despite waiting two and a half months. Experts believe there could be technical reasons for non-receipt of refunds.
Many people have not yet received their income tax refunds. Refunds often appear in taxpayers’ bank accounts 3-4 weeks after they file their income tax forms. Returns of lesser sums are processed fast, however refunds of larger amounts take slightly longer. Refunds, however, might become blocked for a variety of reasons.
Let’s take a deeper look at the reasons for Income Tax Refund .
1. Incorrect or non-validated bank account.
To get an income tax refund, the bank account must be pre-validated. You can verify whether your bank account is pre-validated by visiting the Income Tax Department’s e-portal. The Income Tax Department only issues refunds to pre-validated bank accounts.
2. ITR is not validated.
After submitting your income tax return, it must be checked. It may be verified online. There is also an option to validate it offline. This entails signing the ITR-V and mailing it via speedpost to the Centralized Processing Unit (CPC) in Bengaluru. The return must be confirmed within thirty days of filing. The Income Tax Department does not process unverified returns.
3. Delayed response to defective return warnings.
If there are any errors in a taxpayer’s return, the Income Tax Department will notify them. They are told to fix the problems within 15 days. If a taxpayer requires further time, they can request it from the Income Tax Department. Failure to react to the notice in a timely manner may result in the return being processed, delaying the refund.
4. Incorrect claims for deductions or exemptions.
The Income Tax Department extensively investigates claims for deductions and exemptions. If the government believes that a taxpayer’s claim for deductions or exemptions is inaccurate, the return may not be processed, causing a refund to be delayed. If a taxpayer believes they claimed an inaccurate deduction, they may file an amended return.
