Income Tax Refund: After the launch of the new portal of the Income Tax Department, the processing of income tax returns has started happening quickly. However, refunds of higher amounts take a little more time. Still, if you have not received the refund money till now, then you should check some things
Income Tax Refund: The Income Tax Department has issued refunds to the taxpayers. But, some taxpayers are still waiting for the refund. In the last few years, especially after the launch of the new portal of Income Tax, the processing of income tax returns is taking much less time. ITRs in which there is no refund are processed in a few hours. But, cases with higher refund amounts take more time. In some cases it may take a few months.
If your refund (Income Tax Refund) has not come yet, then the reason for this may be delay in processing. It is also possible that you may not have seen the notice of the Income Tax Department, in which you would have been asked to correct the mistake in the return.
Taxpayers awaiting refund can follow the following steps:
1. Log in to your income tax account. You can use PAN as the login ID. You can also log in to the income tax portal through your net-banking account.
2. Check the status of your income tax return. If it has not been processed yet, it means you have to wait for some more time.
3. If your return is processed, it means the refund amount should be credited to your bank account within a few days.
4. If you see the message “Refund failed due to bank validation”, it means you have to validate your bank account.
5. If you have received an intimation under section 143(1) and the refund is less than what you have claimed, it means that some deduction has been rejected or some tax credit is not available in your 26AS. In such a situation, after correcting the information, you will have to file a rectification request. You can talk to your chartered accountant or tax advisor for help.
6. If you have not verified your income tax return, then you should verify it immediately.
You can do this work online or offline.
If you have sent the signed ITR-V to the Central Processing Center (CPC) within 30 days of filing the return and the status has not been updated, then you have to complain on the income tax portal. The ITR filing process is considered complete only when it has been verified. If you do not verify within 30 days of filing ITR, then you will face problems.
With the above steps, you can ensure that the problem related to refund is resolved and now your refund will be processed soon.
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