July 31 was the last date for filing return (ITR) for salaried income tax payers. Many people have had their returns processed and received refunds. There are several possible reasons why the refund amount has not yet been credited to the account of those who have not received the refund. It is important to investigate these possibilities to determine the cause of delay in ITR refund and take appropriate action. You should keep an eye on the e-mails and letters from the Income Tax Department. If any additional information is requested by them, provide it immediately.
ITR is still under verification process
If the ITR is still under processing, you may get the refund late. It usually takes few days to process ITR. If it’s been a long time since you filed your ITR and you haven’t received your refund yet, you must check your refund status on the official website. Some cases of ITR filings go for scrutiny by the Income Tax Department to ensure accuracy and compliance. If your return is under scrutiny process, it will take time for the ITR refund to be credited to the account.
ITR Refund: ITR refund not yet received? Check online status by clicking on this link
ITR Refund Eligibility
You also need to check whether you are eligible for a refund or not. You will get an Income Tax Return refund only if the Income Tax Department processes your Income Tax Return and makes you eligible for it. Once the Income Tax Department confirms your eligibility, the refund is usually credited within four weeks.
Wrong bank account
If you have provided wrong bank details while filing the return, the tax refund will not be credited to your account. It is important to note that the name registered in your bank account should match your PAN card details. The refund will be credited to the bank account you mentioned in your ITR.
E-verification of ITR
ITR refund will be given only if e-verify is done after filing ITR as it is a mandatory requirement in the process of filing ITR and getting refund. All taxpayers are required to complete the e-verification process within 30 days of filing their ITR.
Balance of previous financial year
If you have some arrears from previous financial year, you may face delay in ITR refund. In such case your refund will be used to settle that outstanding amount. However, you will be duly informed about the same through information notice.
Matching information in Form 26AS
Taxpayers should know that Form 26AS is a consolidated statement of all taxes paid against your PAN. If there is a mismatch between the Tax Deducted at Source (TDS) details in your return and the TDS details in Form 26AS, it may delay the refund.