ITR Filing 2023: Why Income Tax Refund Gets Delayed For Some Taxpayers? These Could be The Reasons

 

New Delhi: July 31 was the deadline to file an Income Tax Return for employed taxpayers and almost everyone has filed it within the deadline and is now waiting for the refund. While some have got their ITR refund credited to their accounts, others still have not got it. There could be several possible reasons why the ITR refund has not yet been credited to their account.

Read More: Tax Calendar September 2023: Don’t Miss These Key DUE DATES During The Month

It’s of paramount importance to investigate these possibilities to determine the cause of the delay and take appropriate action. First, you need to keep track of any communication from the IT Department and respond promptly if they request additional information or verification.

Apart from this, there are a few other reasons why you might not have received your ITR refund in India. Check details here:

ITR FILING UNDER PROCESS

If the ITR filing is still under process, then you might get refund late. The Income Tax Department generally takes a few days to process an ITR. If it has been a long time since you filed your ITR, and you still haven’t received refund yet, then you must check your refund status on the official website.

ITR REFUND ELIGIBILITY

Secondly, you also need to check whether you are eligible to receive any refund or not. You will only receive an Income Tax Return refund if the Income Tax Department makes you eligible for it by processing your income tax return. Once the I-T department confirm your eligibility, the refund is typically credited within four weeks.

WRONG BANK ACCOUNT DETAILS

The ITR refund will not be credited to your account if you have given wrong bank details while filing the returns. It is crucial to note that the name registered in your bank account must match the details on your PAN card. The refund will be credited to the bank account that you have mentioned in your ITR.

Read More: Tax Payers Beware! CBDT Issues Directions to Reopen THESE Income Tax Cases – Details

E-VERIFICATION OF ITR MUST FOR ALL

ITR refund will only be issued if the ITR filing has been well e-verified as this is a mandatory requirement in the process of filing an ITR and for receiving a refund. All taxpayers must complete the e-verification process within 30 days of filing their ITR.

UNRESOLVED DUES FROM PREVIOUS FISCAL YEAR

If you have some unresolved dues from the previous fiscal year, then you may face ITR refund delay. In such situations, your refund will be utilised to settle those dues. However, you will be duly notified about this through an intimation notice.

ITR REFUND UNDER SCRUTINY

Some of the ITR filing cases go for scrutiny by the Income Tax Department to ensure accuracy and compliance. If your return is under scrutiny process, then the ITR refund will take time to be credited to the account.

MISMATCH INFORMATION IN FORM 26AS

Taxpayers must know that form 26AS is a consolidated statement of all taxes paid against your PAN. If there is a mismatch between the TDS (Tax Deducted at Source) details in your return and the TDS details in Form 26AS, it can lead to a delay in refund.

Read More: ITR Filing: Why August 30 is an important date for income tax payers who have not e-verified their ITR

TECHNICAL GLITCHES

Apart from all other reasons, if there are some technical glitches on the Income Tax portal, then the refund will be delayed. In such situation, you can contact the ITD helpline for more information.

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