58 percent more return to taxpayers
According to the Central Board of Direct Taxes, Rs 2.40 lakh crore has been released as income tax refunds to taxpayers till January 10. This figure is 58.74 percent higher than the corresponding period of last financial year. There are still some taxpayers who have not received the refund and are waiting for it. There can be many reasons for delay in refund to such taxpayers.
Taxpayer’s incomplete documents
If you still haven’t received your tax refund, it could be due to a lack of documentation. Because lack of documents is the main reason in most cases of tax refund delay. In such a situation you can approach the Income Tax Department to resolve the issue.
Check the ITR process
If you have not received your tax refund yet, first you need to check the ITR process. So that Income Tax Department can know whether your ITR has been forwarded or not. Because you will get the refund only when the tax department confirms your eligibility.
If your ITR has been sent to the tax department after confirmation, but the refund has not been received, you need to check the income tax refund status. To check this one has to visit the official website link https://tin.tin.nsdl.com/oltas/refundstatuslogin.htmle and complete the process by filling the requested information. By checking the status of income tax return you will know the reason for the delay.
Bank account pre-verification
One of the main reasons for delay in receipt of tax refund can be error in pre-validation of bank account. Apart from this, lack of PAN card link with bank account can also be the reason. To check pre-validation you need to log in to the Income Tax e-filing portal and complete the following process by selecting the Bank Account option in My Profile. After this you can identify and fix this problem.
ITR information incomplete
If you have not furnished the information requested for the previous ITR, which the Income Tax Department may have sent a notice to you. In these circumstances, your income tax return will not be issued at this time. Therefore, you need to ensure that any information sought for the previous financial year is not pending. For this you need to check your e-mails, mobile messages, as the Income Tax Department itself informs the taxpayers there.