What to Do If You Haven’t Received Your Income Tax Refund Yet

If you haven’t received your income tax refund, the first step is to verify your income tax return (ITR). You can do this either online or offline.

The Income Tax Department has already issued refunds to many taxpayers, but some are still waiting for theirs.

Recently, the processing time for ITRs has significantly decreased, especially after the introduction of the new Income Tax portal.

ITRs without refunds are usually processed within a few hours, while those with larger refunds may take longer, sometimes up to a few months.

Steps to Check Your Refund Status

If you are still waiting for your refund, consider the following steps:

1. Log In to Your Account: Use your PAN as the login ID to access your income tax account. Alternatively, you can log in through your net banking account.
2. Check Your ITR Status: If your return has not been processed yet, you may need to wait a bit longer.
3. Refund Processing: If your return has been processed, expect the refund to be credited to your bank account within a few days.
4. Bank Validation Issues: If you see the message “Refund failed due to bank validation,” you need to validate your bank account details.
5. Discrepancies in Refund Amount: If you received an intimation under section 143(1) stating that your refund is less than what you claimed, it could mean that some deductions were disallowed or that certain tax credits are not available in your Form 26AS. In this case, you should file a rectification request after correcting the necessary information. Consider consulting a chartered accountant or tax advisor for assistance.
6. Importance of Verification: If you haven’t verified your ITR yet, make sure to do so immediately, either online or offline.

If you mailed the signed ITR-V to the Central Processing Center (CPC) within 30 days of filing and the status hasn’t been updated, you need to file a complaint on the income tax portal.

Remember, the ITR filing process is only complete once your return is verified. Failing to verify your ITR within 30 days of filing can lead to complications.

By following these steps, you can address any issues with your income tax refund and ensure a smoother processing experience.