ITR Filing Update: Refund is not processed by the department if you make any mistake at the time of ITR filing. For this, it is important that you become aware of these commonly occurring mistakes and reasons.
Income Tax Refund: Have you filed ITR this time till 31st August and till now your refund has not been received then this news is useful for you. You do not need to worry about refund. It is also possible that ITR refund is not processed by the department due to any mistake on your part. For this, it is important that you also become aware of these commonly occurring mistakes and the reason. In such a situation, there can be more than one reason for not getting your refund. Let’s find out what?
ITR processed or not
First of all, it is important for you to check whether the Income Tax Department has processed your ITR or not. You will get the refund only after your income tax return is processed. For this, you have to check the status of your ITR on the e-filing website of the Income Tax Department.
Are you eligible for refund?
It is decided by the Income Tax Department whether your ITR refund is being generated after processing your income tax return or not. If it has been confirmed by the department then you will get ITR refund. According to the Income Tax Department, if your income tax return has been processed, the refund is usually deposited within four to five weeks.
This is also an important step
to get ITR refund your bank account should be pre-validated. If the bank account is not already validated then you will not get refund. Apart from this, it is advised by the department that your bank account and PAN card should be same. Apart from this, the IFSC code of the bank account should also be valid.
E-verification of ITR required
Your income tax return needs to be e-verified to get the refund. As per the new rules, you are required to do e-verification within 30 days of filing your ITR. If you have not done e-verification of your return even by mistake, then you will not be eligible for ITR refund.
Do you have outstanding dues
Even if you have any kind of dues from the previous financial year, your ITR refund may get delayed. Your refund will be adjusted against the balance, if any. You will be informed about this through a notice issued under section 143(1).
