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Sunday, October 13, 2024

If you haven’t received your Income Tax Return yet do this work immediately

Instead of getting angry if you have filed your income tax return on time and are still waiting for your refund, you should investigate why it hasn’t arrived yet. The deadline for submitting income tax returns was July 31, 2024, this time. The Income Tax Department has refunded income taxes to individuals who timely filed their Tax Returns. Many taxpayers are currently waiting on their refunds. However, you might be unaware that there could be a variety of reasons why the ITR refund isn’t being handled.

Income Tax ReturnThere will be a refund in 30 to 45 days.

Incorrect bank account information or incorrectly declaring an income tax refund are the primary causes of the refund delay. Return 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.

Income Tax Return

What to do if you don’t receive your refund

You must have the Income Tax Return (ITR) validated after filing it. The department processes it after that. Should the data you provided turn out to be accurate, you will be notified by section 143 (1). If you receive a refund of income taxes, interest (if any) is also paid. You must take action on your end if the reimbursement does not arrive in 30 to 45 days.

Income Tax Return

Reimbursement of refund request

Any error on the part of the taxpayer may be the cause of the refund delay. In addition to this, any other issue could be the cause of 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.

Income Tax ReturnHow to ask for a refund to be reissued? 

  • Go to the ITR filing site and sign in using your user ID and password first.
  • Afterwards, select the ‘Services’ option and then select ‘Refund Reissue’.
  • A new page will open after clicking this, and you must click “Create Refund Reissue Request” on this page.
  • Select the ITR for which you wish to request a reissue of the reimbursement after that.
  • After that’s finished, click Next and choose the bank account you want the reimbursement sent.
  • Next, choose Aadhaar OTP, EVC, or DSC from the verification methods by clicking on Next. Enter and process the OTP once you’ve received it.

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