The Income Tax Department said on Wednesday that more than 1.74 crore taxpayers have been returned Rs 1.81 lakh crore in the current financial year. Out of this, the department returned Rs. 62,231 crore to the taxpayers under the personal income tax head and Rs. 1.19 lakh crore to 2.12 lakh taxpayers in the case of company tax. The department wrote on Twitter, “CBDT refunded Rs. 1,81,336 crore to over 1.74 lakh taxpayers between April 1, 2020 to January 25, 2021.
Despite this, many taxpayers are complaining through social media that they did not get their refund, even though they had filed their income tax returns four-five months ago. If you are also one of the gangsters who are waiting for their refund, then we are giving those reasons.
Incorrect bank account details in the form
The Income Tax Department now only sends the tax refund to the bank account. In such a situation, if you have filled the wrong details of your account by filling the form, then your refund can get stuck. You can rectify this through the Income Tax Department. You can correct the account details in your form online. With this it is necessary that the bank account details you are giving in your income tax return form should be linked with PAN.
Account not pre-verified
The second biggest reason for not getting a timely refund is not having a pre-verified bank account. If the taxpayer does not already verify the bank account in which the tax refund is to come from the Income Tax Department, then the IT refund gets stuck. Therefore, the taxpayer should timely verify the bank account associated with the Income Tax Department. After filing the tax return, whatever returns will be made will be sent to the same account through the Centralized Processing Center of the Income Tax Department.
Not verifying return time
After filling the income tax returns, he has to verify (verify). Many times it happens that the taxpayer fills the income tax return on time, but he does not verify his return. Your return is not processed until you verify it. Therefore, if you want your returns soon, do not forget to verify it.
Check refund status
If your refund is not available, you can check the status through the Income Tax Department website. You can easily do this through your PAN and login ID and password.
What happens refund
Income tax payer’s income tax is first deducted in a financial year based on his estimated investment documents. At the same time, when he submits the final papers by the end of the financial year, if he gets it on account that his tax has been cut more and he has to withdraw the money from the Income Tax Department, then he will file ITR for this Applies for