Several important financial and government-related updates are currently attracting attention. From income tax refunds and Dearness Allowance (DA) to the 8th Pay Commission, government business loans, senior citizen savings schemes and Aadhaar linking with ESIC, these developments can directly affect taxpayers, employees, pensioners, entrepreneurs and senior citizens.
Here is a detailed look at all the important updates.
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 successful e-verification.
However, a refund can sometimes get delayed because of errors in the return, incorrect bank details or incomplete verification. If you filed your ITR and claimed a refund before July 31, but the amount has not yet reached your bank account, you should check the following points.
Check Your Income Tax Refund Status
The first step is to find out the exact status of your refund on the Income Tax e-filing portal.
Log in to the portal and go to e-File > Income Tax Returns > View Filed Returns. Select the relevant assessment year and choose View Details to see the current refund status.
The portal may display statuses such as:
- Refund Issued
- Refund Partially Adjusted
- Refund Adjusted
- Refund Fully Adjusted
- Refund Failed
A message indicating that the refund has been processed does not necessarily mean that the money has already been credited to your bank account.
Check for Errors in Bank Details
If the portal shows that your refund has been issued but you have not received the amount, carefully verify your bank account information.
The bank account must be valid and properly validated on the income tax portal. Taxpayers can add and validate their bank account details online to avoid problems with receiving refunds.
Why Can an Income Tax Refund Fail?
There can be several reasons behind a failed refund. These may include an unverified bank account, a mismatch in the taxpayer’s name, an incorrect IFSC code or a closed/inactive bank account.
Issues related to Aadhaar linkage may also contribute to problems with refund processing in certain cases.
Re-Validate Your Bank Account
Taxpayers can check their account status through the My Bank Account section of the income tax portal.
If an earlier validation attempt failed, correct the relevant information and submit the account for validation again. Check details such as your name, PAN-bank linkage, account number and the status of the bank account before re-submitting it.