2024-09-27 19:29:22
New Delhi: It has been a month since the last date for filing Income Tax Return (ITR). Most of the taxpayers have filed their returns. If the taxpayers whose refund is being issued are waiting for their refund. Some people have also started getting refunds. Refund comes within about a month of filing ITR. If your refund is being made and you have not received it yet, there could be many reasons behind it. It is possible that you may not have filed ITR correctly. Keep in mind that the refund is available only after the Income Tax Department processes your ITR and sends you a notice confirming the same. This notice is issued under Section 143(1) of the Income Tax Act, 1961.
Have you also received a notice from Income Tax under Section 143 (1)? If there is something wrong, know how to respond
The amount is deposited directly into the account
After the entire process is correct and completed, the refund amount issued by the Income Tax Department is deposited directly into the bank account of the taxpayer. However, this amount goes to the same bank account which is linked to the taxpayer’s account on the Income Tax website. In such a situation, it is important that the bank account number and IFS code (IFSC) is filled correctly. Log in to your account by visiting the Income Tax Department website and check whether the bank account details are correct or not.
How many days does it take to get the refund?
To get a refund, it is necessary to verify your tax return online. It usually takes 4 to 5 weeks for the refund to be credited to your account. If you have not received the refund within this time, then get information about it by emailing Income Tax. Apart from this, you can also track the status of your refund by visiting the e-filing website.
These can be 5 reasons for not getting refund
1. If your PAN is inactive then refund will not be given. In such a situation, you will see a warning message to link your PAN with Aadhaar.
2. Even if the bank account details entered in your account on the Income Tax website are incorrect, the refund will not come. In such a situation, check all the details related to the bank like account number, IFSC code, name etc. once again.
3. Even if your bank account registered in the Income Tax website is closed or suspended due to KYC or any other reason, the refund amount will not come to the bank account.
4. Even if the bank account information you have given to the Income Tax Department is different from the savings account or current account, the refund amount will not be credited to the account.
5. Income Tax investigation found that there was a mistake in the return filed by you. The department had also sent you an email on your registered email ID for amendment in this, but you did not pay attention to it. Unless the correct return is filed, refund will not be given.