If you haven’t already, file an ITR filing as soon as you can. Because July 31st is once again the deadline for ITR submission. Yes, the increased traffic may cause issues for you after a few days. In addition, the Income Tax Department reported that more than 2 crore income tax returns have been filed for the fiscal year 2023–23 as of July 11, 2023. The amount is higher than it was last year.
You might have also submitted an ITR.
The next query in this is whether or not your refund has arrived. In the event that it doesn’t, you might have erred. That is why it needs to be double-checked. However, the return process is now relatively quick, and income tax refunds now arrive in 7 to 10 days. However, if your refund hasn’t arrived, you might have erred in some way.
The causes of the refund delay
1. Incomplete information provided in ITR
Your reimbursement may be halted if your ITR contains inaccurate information. ITR preview can be viewed for this. After that, you can contact your assessing officer and provide them with more information and documentation.
2. You may also receive an income tax notice if you have not paid any taxes that are owed to the government or if your calculations were incorrect. The Income Tax Department may halt your refund of any type after receiving the notice.
3. An error in the refund request
If there is an error in your refund request, the Income Tax Department may notify you. Your calculation might be off in this case, in which case you must file a Rectification ITR.
4. An erroneous deduction is frequently discovered after an ITR is filed.
You discover that you made an error in relation to the ITR deduction after verifying. If you have not made the appropriate deduction in this case, you must file a revised ITR.
5. Inaccurate bank account details
Your refund could be withheld if your bank account information was entered erroneously in any way. Actually, the accuracy of your account information is crucial for reimbursement.
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