ITR refunds are often delayed leading to general complaints from taxpayers. You should know when your refund should be processed and what to do if you do not receive it on time.
ITR refund delay reasons
Where a taxpayer does not validate the ITR either through an EVC or by submitting a physical ITR-V at the CPC, the refund is delayed. It is recommended that verification should be done within 30 days from the date of filing to prevent the accumulation of time.
Some of the other usual causes of delay are disparities in ITR like discrepancy in the income declared, error in bank account number, or PAN number. Furthermore, in case of discrepancy in Form 26AS or AIS and PAN details are missing, incorrect or inconsistent with the bank details, the refund will take more time. The Income Tax Department employs sophisticated means to check the details before the refunds are processed, which can be the cause of delay.
What to do if ITR refund is delayed
In case of a delay in your refund, you should verify the status on the Income Tax e-filing portal to know the current processing status. If the delay is unjustified or excessive, you can register a complaint under the ‘e-Nivaran’ tab available on the website or by calling the CPC number. If the refund attempt has failed due to wrong bank details, update the bank details on the portal and apply for a refund again.
Conclusion
Knowing these reasons will help save time and act on the necessary steps to ensure that you do not experience delays in the processing of your ITR refund. Remain active to ensure you get your refund on time.
Wondering why your ITR refund is delayed? Here are the reasons that might stand as a wall between you and your ITR refund. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
