Sunday, October 17, 2021

Income Tax refund getting delayed, these could be the reasons

After the final day of submitting revenue tax returns (ITRs) on January 10, the Central Board of Direct Taxes (CBDT) got here out with some figures in regards to the refunds issued so far. The CBDT mentioned on Wednesday (January 13) that it had issued refunds of about Rs 1,73,139 crores to as many as 15.7 million taxpayers in India from April 1, 2020 to January 11, 2021.

The CBDT issued refunds of Rs 57,139 crores in 15,455,577 instances and it additionally issued company tax refunds of Rs 1,15,999 crore in 210,150 instances.

It’s reported that the ITRs are getting processed sooner this time, which has led to refunds being issued inside per week. The revenue tax division additionally launched ‘Jhatpat Processing’, which has made it simpler for taxpayers to file their returns.

Nonetheless, many individuals took to social media to say that they had been but to get their refunds even after they filed their ITRs many months in the past.

Listed here are the the reason why refunds might have been delayed:

Downside with particulars of financial institution accounts

The revenue tax division is issuing refunds solely electronically this time. Which means that refunds are credited on to the financial institution accounts and if there is a matter with the main points of the identical, the refunds would get delayed.

The checking account particulars may be corrected on-line on the revenue tax division’s portal. It’s to be famous that the checking account is required to be linked with the PAN.

ITR not verified

One more reason why the refunds might not have been issued is that the revenue tax returns weren’t verified. It is a crucial a part of the method and due to this fact, the taxpayers ought to verify if it was finished in order that they’ll get their refunds.

Checking account requiring prevalidation

The revenue tax refunds can solely be issued to the financial institution accounts which can be prevalidated. It may be finished on the tax division’s web site. The taxpayers can log in with their PAN and password and select the choice to prevalidate their checking account. It requires a checking account quantity, cellular quantity, IFSC code and electronic mail ID linked to the checking account to complete the method.

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