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Income Tax Refund: The last date for filing income tax return is 31st July 2024. In such a situation, those who have filed their ITR within the deadline have been transferred the amount of income tax refund by the Income Tax Department. However, there are still many taxpayers who are waiting for income tax refund. Let us tell you that there can be many reasons behind not getting ITR refund. These include giving wrong bank details in the return or claiming wrong tax refund.
How long does it take for a tax refund?
Actually, tax refund is transferred to the Income Tax Department when the amount of tax already paid is more than the actual tax liability. This tax liability is calculated by the Income Tax Department after taking into account the assessment and all deductions and exemptions. Generally, the income tax refund money is transferred to the bank account within 30 to 45 days from the date of filing the return.
ITR was filed in July, tax refund not received yet
After filing your income tax return, you will have to get your ITR verified, after which the department will process it. If the information provided by you is found to be correct, you will be notified under section 143(1). If you are due a tax refund, it will be mentioned along with interest (if any). If you do not receive your refund within 30 to 45 days, you should take action. This could also be due to a mistake on the part of the taxpayer or a problem on the part of the tax department, which you will only know about if you take action.
Apart from this, you can also request for refund re-issue. According to experts, income tax refund re-issue is the process under which the taxpayer requests that the refund which has not been received or has not been processed correctly be re-issued.
How to request a refund re-issue
Step 1: Visit the ITR e-filing portal and login using your credentials.
Step 2: Go to the 'Services' tab and click on the 'Refund Reissue' button inside it.
step 3: A new webpage opens and here you need to click on 'Create Refund Reissue Request'. Next, select the ITR for which you want to file a refund reissue request. Once done, click on Next and choose the bank account where you want to receive the refund. Click on Proceed and then select a verification method—Aadhaar OTP, EVC, or DSC.