There are some people who already have received the refunds of the income tax, while other people are still in the queue. Numerous explanations are there for the same such as a mistake from your side or the process would take much more time at the IT department.
Just learn to find out more regarding the reasons and what you need to do for that.
If your refund has not been initiated yet then you need to cross-check the status of the tax refund online by going to the income tax e-filing website incometaxindiaefiling.gov.in or through the e-governance website of the National Securities Depository Limited (NSDL) tin.tin.nsdl.com.
Post filing the ITR, most tax refunds would get credited to the assessment bank account in a few weeks. Late refunds can be due to certain situations.
The reason for the late refund can be due to:
Wrong Bank Account Information
There are probabilities that the assessee did not provide the correct bank account number or additional bank information during ITR filing. Thus prior to income tax return filing, you must properly check the bank account information.
Requirement for additional documentation/information
The lack of submission of details or documentation is one of the common causes for not obtaining the refunds. You may have skipped specifying any data during ITR filing.
Fabricated Details
Not enough you might code or fabricate details to claim the advantage. To fix that you must furnish complete and precise data to diminish the chances of rejection or a late refund process.
Mismatch in TDS Claimed and 26AS Form
The mismatch in TDS claimed in 26AS can be because of the incorrect TDS filing through the employer or TDS deductor (i.e bank or others), you might be required to approach them to rectify their TDS return.
Request for Refund Under Process
The income tax department would indeed delay the refund process. The same takes time to process the request or late can be from the bank's side.
ITR Verification
When you furnish your ITR and didn't obtain an income tax refund within the specified time then first verify your ITR online or offline. Income tax return filing is not complete and is not being processed till it is e-verified. In case the ITR V is not confirmed, you can still do it by the finish of this month.
I-T Department proposes 5 platforms to confirm an ITR net banking, bank ATM, Aadhaar, bank account, and Demat account.
Moreover, you must verify your email, if there would be any contact from the income tax department, asking for a reply. It is important to answer the email if received at the earliest. On the e-filing portal, you could indeed raise a service request.
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