When the taxes paid are higher than the actual tax due, the taxpayers receive an income tax refund. Taxpayers must submit an income tax return in order to receive a refund of the additional tax paid (ITR).
Some of you may have already gotten your income tax refund, but there may be others who are still waiting. There could be a number of causes, including a mistake on your part or a delay in the I-T department's process.
To learn more about the reasons and actions you must take, continue reading.
If you haven't yet received your refund, you should first check the status of it online at incometaxindiaefiling.gov.in or tin.tin.nsdl.com, the e-governance websites of the National Securities Depository Limited (NSDL) and the National Securities Depository.
Generally speaking, tax refunds are credited to the assessment bank account a few weeks after the ITR is filed, although there may be delays in some circumstances.
The following are the main causes for a tax refund delay:
Your Bank Account Details Could be Incorrect:
There is a chance that taxpayers who filed income tax returns did not provide the correct bank account number or other banking information (ITR). Therefore, before submitting an ITR, you should thoroughly review the bank account information.
You Might Need to Add Additional Documentation/ Information
The requirement for further paperwork or information is one of the frequent justifications for not receiving reimbursements. You could have forgotten to include something when you filed your ITR.
False Information
You might have coded inaccurate or false information. To correct this, you should give accurate and full information to lower the likelihood that the refund process will be rejected or take longer than expected.
There Could be a Mismatch in TDS/TCS Claimed
The incorrect submission of a TDS return by the employer or TDS deductor (such as a bank, etc.) may be the cause of the discrepancy in TDS claimed in 26AS, and you may need to contact them to correct their TDS return.
Refund Request Under Process
The income tax division may also be experiencing a delay. The request can take some time to process, or the bank itself might experience a delay.
What Can You do to Get Your Tax Refund?
If you filed your income tax return and did not receive a refund within a reasonable amount of time, check to see if you confirmed it online or offline. ITR submission is not processed until it has been e-verified. You still have till the end of this month to verify the ITR V if it is not already done.
The five platforms provided by the I-T Department for ITR verification are net banking, bank ATMs, Aadhaar, bank accounts, and Demat accounts.
You should also check your email to see if the income tax department has sent you any correspondence requesting a response. It's crucial to reply to any emails as soon as possible. You can submit a service request via the e-filing portal as well.
