Business News Desk – The Income Tax Department has released refunds to taxpayers. But, some taxpayers are still waiting for the refund. In the last few years, especially after the launch of the new Income Tax portal, the processing of income tax returns is taking much less time. ITRs that do not have a refund are processed within a few hours. But, cases with higher refund amounts take more time. In some cases, it may also take a few months. If your refund (income tax refund) has not arrived yet, it may be due to delay in processing. It may also be possible that you have not seen the notice of the Income Tax Department asking you to correct the mistake in the return.
Taxpayers awaiting refund can take the following steps:
1. Log in to your income tax account. You can use PAN as your log-in ID. You can also log in to the income tax portal through your net-banking account.
2. Check the status of your income tax return. If it is not processed yet, it means you have to wait for some more time.
3. If your return is processed, it means the refund amount should be credited to your bank account within a few days.
4. If you see this message – ‘Refund failed due to bank validation’, it means that you need to validate your bank account.
5. If you have received a notice under section 143(1) and the refund is less than your claim, it means that some deduction has been rejected or some tax credit is not available in your 26AS. In such a case, after correcting the information, you have to file a rectification request. You can consult your chartered accountant or tax advisor for help.
6. If you have not verified your income tax return, you should verify it immediately. You can do it online or offline. If you have sent the signed ITR-V to the Central Processing Center (CPC) within 30 days of filing the return and the status is not updated, then you have to complain on the income tax portal. The ITR filing process is considered complete only when it has been verified. If you do not verify within 30 days of filing ITR, you will face problems. With the above steps you can be sure that the refund related problem is resolved and now your refund will be processed soon.
