Manoj Jha ji filed ITR on 31st July and he got the refund within 24 hours. If it has been several days since you filed ITR, then it is most important for you to know where the refund is stuck. According to the data given on the e-Filing portal of the Income Tax Department, till August 4, more than 6 crore returns had been filed. Of these, more than 5.65 crore ITRs were verified and more than 3.63 crore were processed. Obviously, a large number of refunds may have been issued, but some people may not have received the refund yet.
Reasons for Non-Refund
CA Santosh Mishra explains that refunds from the Income Tax Department can sometimes fail to be credited to your bank account. This failure can be due to mismatches in bank account details, account status, or verification. Some common reasons include…
Incorrect bank account number, PAN deactivation, failure to pre-verify the bank account, which is a mandatory step.
The name on the bank account does not match the PAN card details, invalid IFSC code, the account listed in the ITR being closed.
The account is inactive, closed, frozen, or dormant, technical glitches during the refund transfer process, or rejection by the bank.
Adjustment of refunds against outstanding tax demands from previous years, and discrepancies in the ITR, TDS, or income statements that require further verification.
How long does it take to receive a refund?
Even if your ITR has been processed, the refund may not be credited to your account immediately. In some cases, it is received within 24 hours, while in others, it takes four to five weeks. If the refund is not received within this period, the taxpayer should check if they have received any information about the mismatch in their tax return, check for email or SMS alerts from the Income Tax Department, and check the refund status on the Income Tax e-filing portal.
Requirements for Receiving a Refund
To receive an income tax refund, taxpayers must meet certain conditions. The Income Tax Department issues refunds only if the return has been filed correctly and the PAN, Aadhaar, and e-filing account details are properly linked and activated. For this you must have a user ID and password, your PAN must be linked to Aadhaar, and your ITR must have been filed claiming refund.
Why is it important to check tax notices?
In some cases, refunds are not received due to discrepancies in your tax return, and in such cases, you may receive a notice or notice from the Income Tax Department. Any communication sent by tax officials should be responded to promptly. If the taxpayer does not acknowledge or fully understand the tax demand notice, it could result in the refund being automatically adjusted and lead to further complications.
Therefore, all taxpayers should regularly check their e-filing portal account and registered email address, verify the details given in the notice, and take appropriate action in time. Also, one should not panic after receiving a demand notice, because fraudsters take advantage of this fear and commit scams on a large scale. One should avoid responding to any suspicious email links or text messages.
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