ITR Refund: If you are a taxpayer, then this news can be very special for you. Let us tell you that many taxpayers have filed their ITR in June or July, but they have not received the refund yet. Troubled by the delay, taxpayers are tagging the Income Tax Department on the social media platform X and complaining about why there is so much delay in getting the refund. Anyway, know the reason for the delay in the refund in this article.
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Know what is income tax refund is
An income tax refund means that the tax department returns the money to you, which you have paid in the form of more tax. This means that if you have paid more tax as per your annual income, then the extra money is directly credited to your bank account. There can be many reasons for paying more tax, such as if the company or bank of a taxpayer has deducted more TDS from his income, he has already deposited the estimated tax, if he has not taken full advantage of tax exemption or deduction, if there is a mistake in calculation while filing the income tax return, then tax refund is given in such a case.
Time limit for getting a refund
Let us tell you that refund processing usually starts when taxpayers e-verify their returns. According to the Income Tax Department, it usually takes 4 to 5 weeks for the refund to be credited to the account. If the refund does not come in this period, then taxpayers can check the status by going to the e-filing portal.
Know how to check the status
First of all, go to the Income Tax e-filing portal.
After this, log in with PAN, Aadhaar, and password.
After this, go to e-file, income tax return, and view the filed return.
Select the year related to it and see the refund status.
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Reasons for refund failure
Not being linked to a PAN card or an Aadhaar card.
Bank account not being pre-validated.
The name written in the bank account does not match with PAN card.
Wrong IFSC code entered.
Refund sent to a closed account.