Several important developments are attracting attention among taxpayers, central government employees, pensioners, aspiring entrepreneurs and credit card users. From delayed Income Tax Refunds and the upcoming DA hike to demands related to the 8th Pay Commission, interest-free business loans and lifetime-free credit cards, here is everything you need to know.
Income Tax Refund: What to Do If Your Refund Is Delayed
After filing and successfully e-verifying an Income Tax Return (ITR), taxpayers generally wait for their refund to reach their bank account. 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 or fail because of errors in the return, incorrect bank details or incomplete verification. If you claimed a refund before July 31 and the amount has been processed but has not reached your bank account, you should first check its status.
How to Check Your Income Tax Refund Status
Taxpayers can track their refund through the Income Tax e-filing portal by following these steps:
- Log in to the official Income Tax e-filing website.
- Go to e-File > Income Tax Returns > View Filed Returns.
- Choose the relevant assessment year.
- Select View Details to see the latest refund information.
The portal may display different statuses, including Refund Issued, Refund Partially Adjusted, Refund Adjusted, Refund Fully Adjusted or Refund Failed.
Therefore, simply receiving a notification that the refund has been processed does not necessarily mean the money has already been credited to your bank account.
Check Your Bank Details
If the portal shows that your refund has been issued but you have not received the money, check the bank account registered with your PAN and ITR.
A properly validated bank account is essential for receiving an income tax refund. If required, taxpayers can add a bank account to the e-filing portal and complete the validation process.
Why Can an Income Tax Refund Fail?
There can be several reasons behind a failed refund. Common issues include:
- Bank account not being properly verified
- Difference between the taxpayer’s name and bank records
- Incorrect IFSC code
- Wrong account number
- Closed or inactive bank account
- Problems with PAN-bank linking
- Other verification-related issues
Taxpayers should therefore carefully review their banking information if their refund has failed.
Re-Validate Your Bank Account
You can check your account status under the My Bank Account section of the e-filing portal. If an earlier validation attempt was unsuccessful, correct the relevant details and submit the account for validation again.
Checking the account number, name, PAN-bank linkage and account status can help resolve issues that may be preventing the refund from being credited.