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Income Tax Refund Status Not Clear- A Long Wait For Refund
Written by Gagandeep Arora - Printed on - Date - 27th Oct 2022
Taxpayers who have filed their ITR before the deadline and are still in await of their ITR refund can find this long period of wait intimidating as almost 45 days have passed from the due date. Some of the eligible taxpayers have received the refund but some are still in the waiting period. A recent statement issued by the Income tax department states that ITR refunds to the tune of Rs. 1.19 lakh crore have been issued till 8th September,2022 which is 65.29 percent higher than the refunds issued last year in the same period. But those still in the waiting queue can go through the reasons given below to understand the factors for the delay.
Factors Which Lead To Delay in the ITR Refund
- Outstanding Demand: An assessee with an outstanding demand from the previous financial year, will have to wait a little longer as the amount is adjusted against the refund of this year and an intimation notice is issued under section 143(1) for the same to the taxpayer.
- Errors In Bank Account Verification : Bank account verification is an important factor for the receipt of Income tax refund in your account.This can be checked through the e-filing portal that the PAN is linked with the bank account.
- Refund Amount Is Less: If the amount of refund is less than Rs.100 then the Income tax department adjusts the amount against future income tax refund and does not credit the amount to your bank account.
How To Check Your Income Tax Refund Status ?
- 1) Go to: https://tin.tin.nsdl.com/oltas/refundstatuslogin.htmle
- 2) Enter your PAN and relevant assessment year
- 3) Then, enter captcha and click on 'Submit'
- 4) Depending on the status of your refund, a message will be displayed on your screen.
