It has been a month since the last date for filing Income Tax Return (ITR). Most taxpayers have filed their returns. Taxpayers who are getting a refund are waiting for their refund. Some people have even started getting refunds.
Refunds come within about a month of filing ITR. If your refund is also due and you have not received it yet, there can be many reasons behind it. It is possible that you have not filed ITR correctly. Keep in mind that refund is available only when the Income Tax Department processes your ITR and sends you a notice confirming it. This notice is issued under Section 143(1) of the Income Tax Act, 1961.
The amount is deposited directly in the account
After the entire process is completed, the refund amount issued by the Income Tax Department is deposited directly in the taxpayer’s bank account. However, this amount goes to the same bank account which is linked to the taxpayer’s account on the Income Tax website. In such a situation, it is important that the bank account number and IFS code (IFSC) are filled correctly. Go to the Income Tax Department website and login to your account and check whether the bank account details are correct or not.
How many days does it take to get a refund?
To get a refund, it is necessary to verify your tax return online. Usually, it takes 4 to 5 weeks for the refund to be credited to your account. If you have not received the refund within this time, then email the income tax department and get information about it. Apart from this, you can also track the status of your refund by visiting the e-filing website.
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These can be 5 reasons for not getting refund
1. If your PAN is inactive, then you will not get a refund. In such a case, you will see a warning message to link your PAN with Aadhaar.
2. If the bank account details are wrongly entered in your account on the Income Tax website, then also you will not get a refund. In such a case, check all the bank related details like account number, IFSC code, name etc. once again.
3. If your bank account registered in the Income Tax website is closed or suspended due to KYC or any other reason, then also the refund amount will not come in the bank account.
4. If the bank account you have given to the Income Tax Department is different from the savings account or current account, then also the refund amount will not come in the account.
5. Income Tax found in the investigation that there is a mistake in the return you had filed. For correction in this, the department had also sent you an email on the registered email ID, but you did not pay attention to it. Unless the correct return is filed, refund will not be given.
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