ITR Refund: The deadline for filing income tax returns may have passed, but taxpayers’ worries begin now. Everyone waits for their refund, which sometimes doesn’t arrive on time. Many people worry, wondering if there’s a mistake in the return or if the refund is stuck somewhere. However, delayed refunds can be a common occurrence. Still, it’s important to know where the money is stuck and how to track it.
Why and when do you get a refund?
When you pay more tax than your tax liability during the financial year, such as TDS, advance tax, or self-assessment tax, the tax department refunds the excess amount. Typically, the refund is credited directly to your bank account within 4 to 5 weeks of e-verification. The department’s process has become faster than before, but sometimes the reason is trivial, and the refund gets delayed for a few days.
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How to check refund status?
The most reliable way to check your refund status is through the Income Tax Department’s e-filing portal. Once you log in, you can view your filed return and all its related details. Go to the dashboard, select the e-file option, then click on Income Tax Returns, and then View Filed Returns. Selecting your current assessment year will clearly show whether the refund has been processed, the amount sent, and the date on which the payment was transferred.
Quick check from the NSDL-TIN website
If you don’t want to go through the lengthy process, the NSDL-TIN refund tracker is very easy. Simply enter your PAN number and assessment year, and immediately check whether the refund has been sent to the bank or is still in process.
Why are refunds stuck?
Often, there’s no problem on the department’s part, but rather a small mistake by the taxpayer that delays the refund. Sometimes, the bank account isn’t pre-validated, the PAN-Aadhaar card isn’t linked, the IFSC isn’t updated after a bank merger, or there’s a name mismatch between the bank account and the PAN card. Any of these errors can cause a refund to fail.
What to do if you don’t receive your money due to incorrect bank details?
If the refund status shows that the refund failed due to incorrect details, go to the e-filing portal and select the Refund Reissue option. Update the correct bank information and submit the request. The refund will then be processed again.
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Understand the technical terms of the status.
If the status is “Processed,” the refund will be received soon. If “Defective” appears, it means there’s an error in the return that needs to be corrected. Payment Failed indicates an error in the bank details.
Don’t worry about delays in your ITR refund. The refund process is now streamlined and digital. Most problems can be resolved from the comfort of your home. It’s important to check your status regularly and keep your bank details accurate.