Income Tax Refund: If you have filed income tax return and are waiting for refund for many days, then due to some mistakes, this money can be stopped.
The last date for filing income tax return was fixed as 31 July 2023, after which penalty has to be paid for filing ITR. ITR can be filed with penalty till 31 December. Those with an annual income of less than Rs 5 lakh will be fined Rs 1,000 and those with an annual income above Rs 5,000.
After filing income tax return, it is necessary that you get ITR e-verification done. If the process of e-verification is not completed then your ITR will become invalid. This means that you will have to file ITR twice. Otherwise refund will not be given.
If the refund of ITR has not yet been issued to you and it has been a long time since ITR was filed, then its money may be stuck due to many reasons. However, before that you should check your status.
What are the reasons for not getting refund
Are you eligible for refund?
Refund is not issued by the Income Tax Department to some taxpayers as they are not eligible for refund. However, if you are eligible and have been confirmed by the tax website while filing ITR, then you can get a refund.
correct bank information
All the information related to your bank account should be correct. Also it should be pre validated. If the account is not pre-validated then you will not get refund. Apart from this, it is also necessary to have your PAN card linked with the bank. The Income Tax Department says that the PAN details should match with the bank account. Also, the IFSC code must also match.
Verification within 30 days
If you do not get ITR verification done within 30 days, then you will not be given refund of ITR, because your ITR will not be considered complete.
