ITR Refund: ITR refund processing has begun for Income Tax Returns filed before July 31, 2024. ITR refunds are usually processed within 4-5 weeks of income tax return filing. The Income Tax (I-T) department will issue messages to taxpayers regarding the status of their ITR refund. If your refund has been processed, you will receive a notice under section 143(1) of the I-T Act.
What are the types of ITR refund status messages?
Let us share some of the income tax refund status messages here:
Refund issued: You will receive this message if your ITR refund has been processed and issued to you in your validated bank account.
Partially adjusted refund: If there is a pending tax demand from previous assessment years, the I-T department may issue you a notice under section 245 of the I-T Act. The taxpayer must respond to this message. Non-response will lead to a partial deduction.
Read Also: Money transferred more than Rs 6 lakh abroad? You may get a tax notice by December 31, 2024
Complete deduction: If the I-T department has an outstanding demand and chooses to adjust the refund for the current assessment year against that demand, you will receive a notice under section 245. If the taxpayer fails to respond to the notice, the tax department will make a complete adjustment against outstanding demand.
ITR refund failed: Your ITR refund is likely to have failed if there was an error in your bank details
Read Also: 26% of income tax returns are yet to be processed, is your ITR among them? Find out why
Why your ITR refund is delayed?
Your ITR refund may be delayed owing to multiple reasons from inoperative PAN to bank account error.
PAN inoperative: If your PAN has not been linked to Aadhaar, your refund will be delayed.
Bank account error: If your bank account details do not match your PAN or the details furnished are incorrect.
KYC mismatch: If the taxpayer’s KYC details have not been furnished.
Read Also: Net Direct Tax collection rises 22.5% to Rs 6.93 Trillion
Account description: Taxpayer must describe their account correctly as current or savings.
Closed account: Ensure that the account details furnished for ITR refund are those of an active bank account.
Account not validated: Ensure that your linked bank account has been pre-validated with the income tax department.
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