From income tax refunds and Dearness Allowance to the 8th Pay Commission, government-backed business loans and senior citizen savings schemes, several important financial updates are currently drawing attention. Here is a detailed look at the key developments and what they mean for taxpayers, government employees, pensioners, entrepreneurs and senior citizens.
Income Tax Refund: What to Do If Your Refund Has Not Reached Your Bank Account
After filing and successfully e-verifying an Income Tax Return (ITR), taxpayers generally wait for their refund to be credited to 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 incorrect information in the return, bank-account issues or incomplete verification.
If you claimed a refund and it has been processed but the money has not yet reached your account, the first step is to check its status.
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 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 check the current refund status.
The portal may display statuses such as Refund Issued, Refund Partially Adjusted, Refund Adjusted, Refund Fully Adjusted or Refund Failed.
Therefore, receiving a refund-processing update does not necessarily mean the amount 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 amount, verify the bank details registered with your ITR.
Your bank account needs to be valid and properly validated to receive the refund. If necessary, taxpayers can add a bank account and complete its validation 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
- Name mismatch between PAN and bank records
- Incorrect IFSC code
- Wrong account number
- Closed or inactive bank account
- Issues related to Aadhaar linkage
Identifying and correcting the underlying problem can help taxpayers initiate the refund process again.
Re-Validate Your Bank Account
Taxpayers can visit the My Bank Account section on the e-filing portal to check the validation status.
If an earlier validation attempt was unsuccessful, correct the relevant details and submit the account for re-validation. Particular attention should be given to the account holder’s name, PAN-bank linkage, account number and whether the account is active.