#TrendingNow: Haven’t Received Your ITR Refund Yet? Check Out the Probable Reasons Here!
The Income Tax Department processes millions of returns every year. The last date to file Income Tax Return for FY 2021-22 or AY 2022-23 was July 31, 2022. If you are waiting for a refund on the tax payment but haven’t received it yet, there might be a number of possible reasons for the delay. Read on to know the 3 reasons why you have not received your ITR refund yet.
3 Reasons that Could Cause Delay to Your Income Tax Returns Refund
Unable to fetch your ITR refund? These could be the probable reasons:
1. Your ITR hasn’t been processed yet
Until and unless your ITR is processed and confirmed by the IT department, you cannot get a refund. The IT department only offers a refund if they find you eligible for it. You should visit the income tax filing website to check the status of your return.
However, if your ITR has been processed and confirmed but you still haven’t received the refund yet, you can check the refund status. Here’s a step-by-step guide:
Step 1: Log in to your account on the income tax e-filing portal.
Step 2: Go to the “e-File” option and click on “Income Tax Returns”.
Step 3: Once you view the details of the latest filed return, you will be able to see the status of the refund as “Refund Issued”, “Refund Failure” or “Refund Kept on Hold”. As per the status, you can raise a request, if required.
2. There’s outstanding tax yet to be paid
Your refund might get delayed if there is any outstanding tax from the previous financial year. In such a situation, your refund will be adjusted against the pending outstanding demand. This will be intimidated to you via a notice issued under Section 143(1). You must ensure that you have received an intimation notice after processing your ITR.
3. Your bank account is not pre-validated
If your PAN is not linked to your bank account or there is an error in pre-validating your bank account, your refund might get delayed. You should check whether your bank account is pre-validated on the Income Tax e-filing portal.
Final Word
Since the Income Tax Department processes millions of Income Tax Returns every year, ITR refunds could get delayed. You can check the status of your return online. Also, do not forget to link your PAN card to your bank account and pre-validate your bank account. Any outstanding tax from any of the previous years would be adjusted against the pending amount. In that case, you may not receive an ITR return and would be intimated about the same from the Income Tax Department.
Did you get your ITR refunds yet? Let us know in the comment box. Also, don’t forget to follow #TrendingNow to check out our tidbits on personal finance!
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