Income Tax Refund: This year, the deadline for filing income tax returns was September 16th. Even after two and a half months, many taxpayers have not received their refunds in their bank accounts. Experts say there may be technical reasons for the non-receipt of refunds.
Income Tax Refund: Many taxpayers have yet to receive their refunds. Refunds typically arrive in taxpayers’ bank accounts within 3-4 weeks of filing their income tax returns. Returns involving smaller amounts are processed quickly, while refunds involving larger amounts take a little longer. However, refunds can also get stuck due to certain reasons. Let’s explore these reasons in detail.
1. Incorrect bank account or non-validation of the bank account
Pre-validation of the bank account is required for an income tax refund. You need to check whether your bank account is pre-validated by visiting the Income Tax Department’s e-portal. The Income Tax Department only sends refunds to pre-validated bank accounts.
2. ITR not verified
After filing your income tax return, it must be verified. It can be e-verified online. There’s also the option to verify it offline. This requires signing the ITR-V and sending it by speedpost to the Centralized Processing Unit (CPC) in Bengaluru. The return must be verified within 30 days of filing. Unverified returns are not processed by the Income Tax Department.
3. Delay in responding to defective return notices
The Income Tax Department issues a notice to taxpayers in case of any defects in their returns. They are instructed to rectify the defects within 15 days. If a taxpayer requires more time, they can request one from the Income Tax Department. Failure to respond to the notice in a timely manner may result in the return being processed, resulting in a delay in the refund.
4. Incorrect Claims for Deductions or Exemptions
The Income Tax Department scrutinizes claims for deductions and exemptions thoroughly. If the department determines that a taxpayer’s claim for deductions or exemptions is incorrect, it may not process the return, resulting in a refund being delayed. If a taxpayer believes they have claimed an incorrect deduction, they can file a revised return.
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