Income Tax Refund Status: Now the refund comes within a few days. Whether it is three days or a week, the refund process has become very fast. But if there is a delay in getting your refund then there could be some reasons behind it.
Income Tax Refund Status: According to the Income Tax Department, by July 11, 2023, over 2 crore income tax returns have been filed for the assessment year 2023-23, which is 9 days earlier than last year. Taxpayers are filing ITR in large numbers. Now the refund process has also become very fast, due to which taxpayers are getting their tax refund very quickly.
What is tax refund?
When you file ITR, you may find that you have paid more tax during the entire financial year, in which case you are issued an income tax refund by the Income Tax Department. The refund process starts after you file your ITR and go through the e-verification process. Now the refund comes within a few days. Whether it is three days or a week, the refund process has become very fast. But if there is a delay in getting your refund then there could be some reasons behind it.
What could be the reasons for delay in refund?
1. Incomplete information in ITR
It is possible that some details in your ITR, some information has remained incomplete. For this, you can preview your ITR once again and check where the problem is. After this, contact your assessing officer through phone or post with additional information and documents. After sending, do take acknowledgment from them.
2. Tax Dues
It is possible that you have some kind of tax arrears. There is some mistake in the calculation. For this you can also get income tax notice. Check your documents and tax liability. If the correct tax has been filled in your ITR, then you will have to file a rectification return. If not, and tax is due, then you should pay the tax within the limit.
3. There is an error in the refund request
The Income Tax Department may find some discrepancy in your refund request. On this you can get a notice that your calculation is wrong. For this also you have to file Rectification ITR.
4. There is some error in the deduction
After filing, you may find that you have made some mistake regarding deduction in your ITR, have not claimed the correct deduction, for this you will have to file a revised ITR.
5. Bank account details are incorrect
At the time of ITR filing, you also have to provide the details of your bank account in which you want refund. But if the refund is not received, it may mean that either you have entered wrong bank account details while filing ITR, or your bank details have changed after filing, due to which your refund has not been received. In such a situation, you will have to issue a ‘refund re-issue’ request.
