The deadline for filing ITRs has passed on September 16th, and over 76.8 million returns have been filed. However, the Income Tax Department did not extend the deadline despite technical glitches. Now, many taxpayers are experiencing the problem that their ITR status on the portal is showing “Processed,” but the refund amount has not been credited to their account. Don’t worry! Your refund is not stuck, but rather due to a lack of certain essential items. Let’s explore the steps you should take if you don’t receive your refund.
Why Refunds Get Stuck Even After Processed
The Income Tax Department processes the return, but certain verifications are required before the money is credited to the bank account. The most common reasons for refunds getting stuck are listed below:
Incorrect bank account information
First, you should log in to the e-filing portal and check your refund/demand status. If the refund has been processed but hasn’t been credited to your account, immediately check whether you entered the correct bank account number and IFSC code. Often, incorrect information causes refunds to be stuck.
Mismatch between ITR and 26AS
Next, compare the TDS and tax credit details provided in your Form 26AS and ITR. Sometimes, discrepancies between these two documents also delay refund issuance. Ensure that the tax deducted amount is the same in both.
What to do immediately if the refund doesn’t arrive
If your bank details are correct and your ITR has been processed, but the money hasn’t been credited, you can use the following quick solutions:
Submit a ‘Refund Reissue’ Request
If the refund has been processed but hasn’t been credited to your bank account, you can submit a ‘Refund Reissue’ request through the e-filing portal’s helpdesk. This request goes directly to the department, and your issue can be resolved immediately.
Contacting the Bank or NSDL
If the RFD code has been issued (i.e., the refund has been sent by the department) but the money has not yet been credited to your account, you should contact the relevant bank or NSDL (National Securities Depository Limited). It is important to note that it may take 15 to 30 days for the refund to reach your bank account after processing.
ITR Filing Process
In non-audit cases, most taxpayers file ITR based on their salary, bank interest, or other income. This requires entering all income, deductions, and TDS information on the e-filing portal. The Income Tax Department verifies these details, processes the return, and only then is the refund issued.
Major Change in Deadline
The government extended the deadline for non-audit categories twice this year. First, from July 31st to September 15th, and then by another 24 hours to September 16th. However, the deadline for filing ITRs for taxpayers involved in audit cases remains October 31st. Only the deadline for submitting tax audit reports has been extended to October 31st. In previous years, there was a gap of at least one month between the audit report and ITR filing dates. It remains to be seen whether the government will extend the deadline for taxpayers involved in audit cases.