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Income Tax Refund: If you are also waiting for refund even after filing income tax return on time, then instead of getting upset, you need to find out why your refund has not come yet? This time the last date for filing income tax return was 31 July 2024. Income tax refund has been issued by the Income Tax Department to those who filed their ITR on time. There are many such taxpayers who are still waiting for refund. But perhaps you may not know that there can be many reasons behind the non-processing of ITR refund.
It will take 30 to 45 days to get the refund
The main reasons for the delay in refund include providing incorrect bank account information or claiming the wrong income tax refund. Refund is issued to any taxpayer by the Income Tax Department when the amount already paid is more than the actual liability. Tax refund is calculated by the Income Tax Department taking into account all deductions and exemptions. Usually the income tax refund money is transferred to the bank account within 30 to 45 days. In some cases, the taxpayer is given the tax refund even within two weeks.
What to do if you don’t get a refund
After filing the Income Tax Return (ITR), you have to get the ITR verified. After this, it is processed by the department. If the information given by you is found to be correct, then you are informed under section 143 (1). If you are to be given income tax refund, then it is given along with interest (if any). If you do not get the refund within 30 to 45 days, then you need to take some steps from your side.
Refund Reissue Request
The reason for the delay in the refund can be any mistake made by the taxpayer. Apart from this, there can also be some other problem due to the delay in the refund by the department, which you will come to know about only when you take action. If the time is more, then you can request to re-issue the refund. Experts say that re-issuing of income tax refund is a process under which the taxpayer requests that the refund which has not been processed properly be re-issued.
How to request a refund re-issue
>> First of all go to the ITR filing portal and login with your user ID and password.
>> After this click on the 'Services' tab and click on 'Refund Reissue' here.
>> On clicking here a new webpage will open and here you have to click on 'Create Refund Reissue Request'. After this, select the ITR for which you want to request for refund reissue. Once this is done, click on Next and select the bank account where you want to receive the refund.
>> After this click on Next and then select Aadhaar OTP, EVC or DSC from the verification method. After receiving the OTP, enter it and process it.