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Income Tax: Even after about a month and a quarter of the last date of 31st July for filing ITR, many people have not received their refund. Taxpayers are worried about this and are constantly querying about it on Google. Due to this Income Tax Refund has become one of the top searches on Google.
Income Tax Refund: If you are also still waiting for the refund after filing the income tax return on time, then instead of getting upset, you need to find out why your refund has not come yet. This time the last date for filing income tax return was 31 July 2024. An income tax refund has been issued by the Income Tax Department to those who filed their ITR on time. Right now many taxpayers are waiting for the refund. But you may not know that there may be many reasons behind the ITR refund not being processed.
Refund time is within 30 to 45 days
The main reasons for the delay in refund include wrong bank account information or claiming the wrong income tax refund. A refund is issued by the Income Tax Department to any taxpayer when the amount already paid is more than the actual liability. The tax refund is calculated by the Income Tax Department keeping in mind all the deductions and exemptions. Usually, the income tax refund money is transferred to the bank account within 30 to 45 days. In some cases, the taxpayer gets the tax refund within two weeks.
Steps to take if you do not get a refund
After filing the Income Tax Return (ITR), you have to get the ITR verified. After this, it is processed by the department. If the information given by you is found to be correct, then you are informed under section 143 (1). If you are to be given an income tax refund, then it is paid along with interest (if any). If you do not get the refund within 30 to 45 days, then you need to take some steps from your side.
Request for re-issuance of refund
Any mistake made by the taxpayer can be the reason for the delay in refund. Apart from this, any other problem can also be the reason for the delay in refund by the department, which you will come to know about only when you take action. If there is more time, you can request for re-issuance of a refund. Experts say that re-issuing income tax refund is a process under which the taxpayer requests that the refund that has not been processed properly be re-issued.
How to request for re-issue of a refund
>> First of all go to the ITR filing portal and log in with your user ID and password.
>> After this click on the 'Services' tab and click on 'Refund Reissue' here.
>> On clicking here a new webpage will open and here you have to click on 'Create Refund Reissue Request'. After this select the ITR for which you want to request for refund re-issue. Once this is completed, click on Next and select the bank account where you want to receive the refund.
>> After this click on Next and then select Aadhaar OTP, EVC, or DSC from the verification method. After receiving the OTP, enter it and process it.