New Delhi: Have filed Income Tax Return (ITR) for financial 2023-24 (FY24), but the refund has not been received yet? Here are some mistakes you might have made in your ITR filing process due to which your income tax refund is pending.
1. ITR verification
If you did not verify your ITR after filing it, there’s a chance your refund will be stuck because of this. ITR verification is a mandatory step in ITR filing process. Generally, after you have verified your ITR filed, it takes 4-5 weeks for the I-T Department to process your refund. If you haven’t verified your taxes filed, then, you need to do it before the deadline of July 31,, 2024. Lets see how you can do it.
How to verify ITR?
There are two ways to verify ITR:
E- Verification
You can verify your returns online through electronic verification or e-verification. You can e-verify your returns online using the following ways:
OTP on mobile number registered with Aadhaar
EVC generated through your pre-validated bank account, or
EVC generated through your pre-validated demat account
EVC through ATM (offline method)
Net Banking
Digital Signature Certificate (DSC)
Physical verification
In case of physical verification, you need to send physical documents of ITR V to CPC, Bengaluru. But, this is a cumbersome process. The I-T Department encourages citizens for e-verification of their ITR.
2. Outstanding tax dues
If you have some dues towards the I-T department from the taxes filed in the previous financial year, then, the department would adjust the outstanding tax dues against your current financial year’s tax refunds. As this process would take some time, this could also be the reason why your income tax refund is pending.
3. Incorrect Details
The bank account, IFSC code, and PAN details that you have provided in your ITR form should be accurate. Only then will the refunds be processed on time. If these details are not updated on the I-T portal, then, this might be another reason why the income tax refund is pending. So, you need to log in to your income tax account and coss-check and update details if there is any mismatch.
If you’ve committed any of these mistakes while filing your ITR, you can visit the official website of Income tax-incometax.gov.in and put in a rectification request. Click on the rectification link under the e-file menu on the E-filing portal www.incometax.gov.in, and you can correct any mistakes you’ve made in your ITR filing.
Income tax refund pending? These are three of the most common mistakes a tax payer commits while filing his income tax returns. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
