The deadline for filing income tax returns is very close. The Income Tax Department has said that more than 5 crore taxpayers had filed their returns till July 26. This is 8 percent more than the number of returns filed till this date last year.
People who have filed their returns will have to wait for their refund after July 31. Some taxpayers may face a delay in getting their refund. Let us know the reasons for the delay in getting the refund.
Incorrect bank account information
Yeshu Sehgal, Head of Tax Markets, AKM Global, said that the most common reason for delay in refund is incorrect information of bank details on the income tax portal. If taxpayers have not pre-validated their bank account i.e. correct information of bank account has not been given to the Income Tax Department, then there may be delay in getting refund.
Also Read: ITR Filing: What concessions do senior citizens get in the matter of income tax?
Wrong information in ITR form
Refunds can also be delayed if the taxpayer’s information in the ITR form is incorrect. Sehgal said that refunds can also be delayed if the reported income does not match. It is important to match the information given in the return form with the information available with the Income Tax Department.
Issues of tax credits from abroad
If a taxpayer has income from assets abroad, it is important to file Form 67 correctly to claim foreign tax credits. This form must be filed before the deadline. If the information in Form 67 is not given correctly, the refund may get delayed.
Wrong clubbing of income
Wrong clubbing of income of spouse or minor may also result in delay in refund. Hence, taxpayers need to take special care in clubbing of income.
26AS or AIS
The TDS deduction claimed by the taxpayers must match the details mentioned in 26AS or AIS. If the details given in these documents and returns do not match, then the refund may get delayed.
Taxpayers who have not yet filed their income tax returns should keep the above mentioned points in mind while filing returns. It is especially important to pre-validate your bank account. This will ensure that the refund amount reaches the taxpayers’ bank accounts soon.
