Income Tax Refund: If you are a taxpayer, then this news is going to be very useful. If there is a delay in getting the refund even after paying the tax on time, then you can know the big reason for it. Mostly, you must have seen that the main reason for the delay in the refund is considered to be the difference in the details of the Aadhaar card and the PAN card.
This is the reason why it is very important to have a link between PAN and the Aadhaar card while filing income tax. If there is any mistake in this, then there will be a delay in getting the refund amount. Many times, there is no mistake in the Aadhaar card and the PAN card, yet there is a delay in getting the refund. Know the important things related to income tax refund in the news below, where the confusion of taxpayers will end.
What mistakes in the bank details will become the reason
If the taxpayers have entered the account number or IFSC code incorrectly while filing ITR, then the refund is not going to come to your account. Taxpayers will have to decide whether their bank details are correct or updated.
Along with this, if additional documents have been demanded by the tax department for your claimed refund, then if you do not submit them on time, the refund will be delayed, for which you may have to face trouble. Apart from this, the Income Tax Department can also do the work of investigation if you fill in the wrong information. It can also issue a notice for this.
Know the difference between Form 26AS and Form 16
In such a situation, you have to know that if there is a difference between the information given in Form 26AS or Form 16 and the details of your return, then the refund process is completely stopped. Along with this, you may also have to give an explanation in the situation. Only then will the refund be issued after registration. Along with this, the refund process starts from the Income Tax Department when the work of e-verifying the return is done by the taxpayer.
It also takes 4 to 5 weeks for the money to be credited to the taxpayer’s bank account. If the refund does not come even after this time, then the taxpayer should check the possible deficiencies in their ITR.
