Income Tax Refund: After filing their income tax, many people eagerly await their refund. However, it often happens that this refund is significantly delayed. There can be several common mistakes behind this. In this article, we will discuss all those mistakes that, if avoided, can help you get your income tax refund on time.
Reasons for Delay in Income Tax Refund
The Income Tax Department now operates on a completely digital platform. As a result, even a minor error in information can cause your refund to be held up. Below are some of the main reasons:
- Failure to E-Verify: It is mandatory to e-verify your Income Tax Return (ITR) within a specific period after filing. Many people forget to do this. Remember, without e-verification, your return filing process is not considered complete. This prevents the refund process from even starting. You can easily e-verify using an Aadhaar OTP, net banking, or a Demat account.
- Incorrect Bank Account Details: The refund is directly deposited into your bank account. If the account number or IFSC code you provided is incorrect, the refund will fail. Therefore, fill in your bank account details carefully when filing your ITR. Also, ensure that your bank account is pre-validated.
- Not Linking PAN and Aadhaar: According to the rules of the Income Tax Department, it is mandatory to link your PAN card with your Aadhaar card. If these two are not linked, your return processing can get stuck, resulting in a delay in receiving your refund.
- Mismatch in Form 26AS and ITR Information: Your TDS (Tax Deducted at Source) and other tax-related information are recorded in Form 26AS. If there is any discrepancy between the information in your filed ITR and the information in Form 26AS, the Income Tax Department may hold your file for further review. This can cause the refund to take longer than usual.
- Not Responding to Income Tax Department Notices: Sometimes, the Income Tax Department may send you a notice to verify certain information or to request additional details. If you do not respond to that notice in a timely manner, your refund process may be put on hold. Therefore, regularly check your email and the Income Tax Department’s portal.
How to Avoid These Problems?
- Complete the e-verification immediately after filing your ITR.
- Double-check all your bank account information.
- Ensure that your PAN and Aadhaar are linked.
- Before filing your ITR, cross-reference Form 26AS with all your income documents.
- Regularly check the Income Tax portal and your registered email so that you can respond promptly if any notice arrives.
By paying attention to these small details, you can easily receive your income tax refund on time and avoid unnecessary stress.
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