If you’re one of the many taxpayers eagerly awaiting your income tax refund, you’re not alone.
A staggering 35 lakh income tax refund cases are currently pending, and a significant contributor to these delays is inaccurate bank account information.
Verify Your Details on the Income Tax Portal
Before you start worrying about your stuck refund, take a moment to check your information on the Income Tax Portal.
Why Tax Refunds Get Stuck
CBDT Chairperson Nitin Gupta shed light on the reasons behind these refund delays. Approximately 35 lakh refund cases have hit a roadblock due to incorrect bank account information, the absence of bank account details, or issues with verification.
Efforts to Resolve Pending Refunds
Tax authorities are actively reaching out to affected taxpayers via a dedicated call center.
Additionally, taxpayers are being contacted through email, which initiates a follow-up call from a special number three days later.
This approach aims to resolve issues and expedite the release of tax refunds to eligible recipients.
Resolving Long-Standing Cases
Some taxpayers have been awaiting their refunds since as far back as 2010-11.
This prolonged delay has been attributed to the transition from paper-based to computer-based technology around 2011.
The shift has led to the reevaluation of many old cases and the initiation of a management service designed to resolve stuck refunds that have persisted for years.
Expanding Call Center Services
The CBDT chief highlighted the success of a Mysuru-based call center in addressing these refund-related concerns, resolving 1.4 lakh cases last year.
The call center’s operations have initially covered four ranges: Karnataka and Goa, Mumbai, Delhi, and the North-West area.
However, plans are in motion to expand its services to other regions.
Progress in ITR Processing
According to official data for the assessment year 2023-24, 7.27 crore Income Tax Returns (ITRs) were filed, with 7.15 crore verified. The department has successfully processed 6.80 crore ITRs, achieving a 93.5% processing rate.