Many taxpayers are facing delays in receiving their income tax refunds this year. Issues such as bank account verification and PAN-Aadhaar linking are impacting the refund process.
This year, many taxpayers are experiencing longer than usual delays in receiving their income tax refunds. Numerous factors, from bank account verification to PAN-Aadhaar linking, are impacting the refund process. Checking your refund status online not only saves time but also reduces unnecessary stress.
Who receives an income tax refund?
An income tax refund is received when the amount of tax you paid during the year, such as TDS or advance tax, exceeds your actual tax. In such cases, the Income Tax Department refunds the excess amount. Therefore, to receive a refund, it is important to correctly fill in your ITR information regarding income and deductions.
Check ITR Refund Status Using PAN
You can check your ITR refund status in two ways: the e-filing website and the TIN (NSDL) website. To check the status on the e-filing portal, first log in and then go to the View Filed Returns section. Here, you will see the filing history for all assessment years, where you can easily check your refund status. On the TIN website, you can check your refund status in one click by simply entering your PAN and assessment year. This method is quick and easy, especially for those who simply need to check the current status of their refund.
Why is the refund delayed and when is it received?
Under normal circumstances, after the ITR is e-verified, the refund is credited to the bank account within 4 to 5 weeks. However, if it doesn’t arrive within the stipulated time, there could be several reasons. Often, a non-pre-validation of the bank account, incorrect IFSC code, a closed bank account, a mismatch in the name on the PAN and bank details, or a lack of PAN-Aadhaar linkage can delay the refund. Sometimes, a non-response to a notice issued by the Income Tax Department also causes a delay in the refund. Therefore, if the refund is delayed, it is important to first check its status on the portal.
