Filing your income tax returns can be a fulfilling task, especially when you anticipate a refund. However, there can be instances where the income tax refund not received becomes a concern.
What to do if you have not received the refund on time?
If the income tax refund not received is causing you concern, check the status of your refund online via the e-filing website or TIN NSDL portal using your PAN and assessment year details. Ensure your bank account details are correct and pre-validated.
If there are any errors in your filed return, rectify them by submitting a revised return. Respond promptly to any notices from the IT Department requiring additional information. If the issue persists, you may raise a grievance with the tax department online via the e-filing website. Providing accurate information can expedite the refund process.
Reasons why you might have not received your income tax refund
| Reasons for refund not received |
Action point |
| As per the IT Department, you owe them taxes |
Sometimes, the IT Department may determine that you owe additional taxes. In such cases, your refund will be adjusted against the outstanding tax dues, leading to a reduction or delay in the refund amount. Regularly reviewing your tax liabilities and payments can help avoid such situations. |
| Wrong bank account number |
Providing an incorrect bank account number is a common reason for the delay. Ensure the bank account number entered in your tax return is accurate. |
| Bank account not pre-validated |
The IT Department mandates the pre-validation of your bank account to ensure that the refund is credited to the correct account. Pre-validate your account through the e-filing portal to avoid delays. |
| Incorrect name in bank account |
The name in your bank account should match the name mentioned in your tax return. Any discrepancy can result in the rejection of the refund transaction. Verify and correct the name, if required. |
| Bank account details have changed |
If your account details have changed since filing the return, update the new details with the IT Department. This ensures that the refund is processed without any hitches. |
| Refund request under process |
The IT Department may take some time to process your refund request, especially during peak filing seasons. Check the status regularly and be patient during this period. |
| Return under scrutiny |
If your return is under scrutiny, the refund will be withheld until the scrutiny is completed. Respond promptly to any queries or notices from the IT Department to expedite the process. |
| Mismatch in Form 26AS |
Form 26AS contains details of tax deducted at source (TDS) and other tax credits. Ensure that the details in Form 26AS match those in your tax return. Any mismatch can cause a delay in processing your refund. |
Also Read: All about advance tax and how to pay it
Conclusion
Receiving your income tax refund on time requires careful attention to detail during the filing process and proactive steps to address any issues. By understanding common reasons for delays and taking appropriate actions, you can ensure a smoother refund experience. Regularly checking the status of your refund and keeping your bank account details updated can prevent delays.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
