Income Tax alert! How to raise your Refund Reissue Request

New Delhi: The deadline for filing your Income Tax return for Assessment Year 2024-25 is July 31, 2024. Filing your ITR ahead of time can alleviate last-minute stress and expedite the processing of any potential refunds. To ensure timely receipt of your refund, it is crucial to E-verify your return. The duration for receiving your income tax refund varies based on the Income Tax Department’s internal processes, typically ranging from 7 to 120 days, with an average processing time of 90 days post E-verification. However, even after E-verification, refunds may be rejected due to various reasons. Let’s explore further.

Reason for failure of Income Tax Refund

If your Income Tax Refund fails to be credited to your bank account, it could be due to several reasons:

Non-prevalidation of the bank account, which is mandatory from Assessment Year 2022-23.
Name mismatch between the bank account details and PAN card.
Invalid IFSC code, possibly due to bank mergers or changes.
Mentioned the bank account being closed.

Who cannot file ITR 1 form?

Kind Attention Taxpayers!
If your refund has failed for any reason, please submit “Refund Reissue Request” as applicable.
Follow this step by step guide to raise your Refund Reissue Request.@nsitharamanoffc@officeofPCM@FinMinIndia@PIB_India pic.twitter.com/mNnm7Nv1it

— Income Tax India (@IncomeTaxIndia) June 26, 2024

How to raise refund reissue request?

To request a refund reissue in case of failure, follow these steps online:

1. Log in to the Income Tax Department e-filing portal at incometax.gov.in using your PAN/Aadhaar and password.
2. Navigate to the Services tab and select Refund Reissue Request.
3. Choose the relevant assessment year for the refund reissue.
4. Submit the request by selecting the refund re-issue button and creating a new request.
5. Verify the request by choosing the validated bank account where the refund should be credited.
6. Upon successful submission, you will receive a confirmation message.

How can senior citizens save tax?

Ensuring accurate details and proactive steps can streamline the refund process and mitigate potential issues effectively.

 Income Tax Refund Reissue Request: The duration for receiving your income tax refund varies based on the Income Tax Department’s internal processes. You will have to E-verify your return to receive refund.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today