ITR Refund: Taxpayers must now wait for their refunds because the deadline to file an income tax return (ITR) without incurring penalties for the financial year 2022–23 passed on July 31. Up till the last day, 6.77 crore income tax returns were submitted, 5.62 crore of which had also undergone verification. These many people have already received their refunds because the income tax department has already processed 3.44 crore ITRs.
When can taxpayers expect ITR refund?
The ITR refund is typically given out between 7 and 120 days after the return is filed and e-verified. The typical processing time for refunds has greatly lowered as a result of technology developments and the move to online transactions.
How to check status of Income Tax Return?
Income tax assesses can check the status of the tax refund online through the income tax e-filing website:
Step 1: Open www.incometax.gov.in and log in to the account by entering the user ID (PAN) and password
Step 2: Login and click on the ‘e- file’ option
Step 3: Select ‘Income tax returns’ and then click on ‘View Filed returns’.
Step 4: Now, check the latest ITR filed
Step 5: Select the ‘View Details’ option and it will show the status of the ITR filed
How to check status of ITR Refund?
- Visit Income Tax Portal Home page and select “Know your Refund Status”
- Enter PAN number, Assessment year, Mobile number and enter OTP.
- There, you can check the Tax Refund Status.
Why delay in ITR refund?
In some cases ITR refund may be delayed due to certain reasons. Here are some of these:
- Incorrect bank account details: There are chances that taxpayers did not give the correct bank account number or other bank details while filing the income tax return (ITR).
- Need for additional documentation/information: One of the common reasons for not getting refunds is the need for additional documentation or information. Taxpayers might have missed mentioning any information while filing ITR.
- Fabricated information: Taxpayers may have coded inadequate or fabricated information to avail benefit. To rectify the same, they should provide complete and appropriate information to reduce the chances of rejection or delay in the refund procedure
- Mismatch in the TDS/TCS claimed: The mismatch in TDS claimed in 26AS could be due to the wrong filing of TDS return by the employer or TDS deductor (i.e. bank etc.), and taxpayers may need to approach them to correct their TDS return.
- Refund request under process: The delay could also be at the income tax department level. It might take time to process the request, or a delay could be even at the bank’s end.
What to do in case of refund delay?
Taxpayers should check their listed email to determine if there is a message from the Income Tax Department requesting a response. In that circumstance, it’s crucial to reply to the email as soon as possible. If the ITR status indicates that the refund has expired, it signifies that it has not been presented for payment within the refund’s 90-day validity period. In this situation, the taxpayer has the option to request a refund reissue.
If the return was submitted electronically, the refund reissue request can be submitted online by entering into the e-filing portal with the user ID and password.
Read Also: Income Tax Payment with PhonePe app started
Where can taxpayers receive refund?
Refunds are issued directly credit to accounts depending on the bank account selected by the assesses when submitting their yearly ITR.
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