Several important updates are currently drawing the attention of taxpayers, central government employees, pensioners, aspiring entrepreneurs, senior citizens and railway passengers. From delayed Income Tax Refunds and the expected DA hike to demands before the 8th Pay Commission, interest-free business loans, senior citizen savings schemes, PMAY-U 2.0 and new Tatkal booking challenges, here are the key details you should know.
Income Tax Refund: What to Do If Your Refund Has Not Reached Your Bank Account
After filing and e-verifying an Income Tax Return (ITR), taxpayers generally wait for their refund to be credited. In many cases, the Income Tax Department processes refunds within around four to five weeks after e-verification. However, a refund can sometimes be delayed because of incorrect information in the return, bank-account issues or incomplete verification.
If you filed your return and claimed a refund before July 31, but the amount has still not reached your bank account, you should first check the refund status online.
How to Check Income Tax Refund Status
Taxpayers can track their refund through the Income Tax e-filing portal by following these steps:
- Log in to the Income Tax e-filing website.
- Go to e-File > Income Tax Returns > View Filed Returns.
- Choose the relevant assessment year.
- Click on View Details to see the latest refund information.
The status may appear as Refund Issued, Refund Partially Adjusted, Refund Adjusted, Refund Fully Adjusted or Refund Failed. Therefore, simply receiving a processing notification does not necessarily mean that the money has already been credited to your bank account.
Check Your Bank Account Details
If the portal shows that the refund has been issued but you have not received the money, carefully check the bank account details registered with your income tax profile.
A properly validated bank account is essential for receiving an income tax refund. If necessary, taxpayers can add another bank account and complete the validation process through the e-filing portal.
Why Can an Income Tax Refund Fail?
A refund may fail for several reasons, including:
- Bank account not being validated
- Difference between the name in the PAN and bank records
- Incorrect IFSC code
- Incorrect account number
- Closed bank account
- Other account-related verification problems
- Aadhaar-related linking or authentication issues
Taxpayers should therefore review all their banking information if their refund status shows a failure.
Re-Validate Your Bank Account
You can check the status of your registered bank account under the My Bank Account section of the income tax portal.
If an earlier validation attempt was unsuccessful, correct the relevant details and submit the account for validation again. Make sure the name, PAN-bank linkage, account number and account status are accurate before proceeding.