Tax refund is transferred to the income tax department when the amount of tax already paid is more than the actual tax liability. Generally, the income tax refund money is transferred to the bank account within 30 to 45 days.
Income Tax Refund: The last date for filing income tax return is 31st July 2024. In such a situation, the amount of income tax refund has been transferred by the Income Tax Department to those who have filed their ITR within the deadline. However, there are still many taxpayers who are waiting for Income Taz Refund. Let us tell you that there can be many reasons behind not getting ITR refund. These include incorrect bank details given in the return or claiming wrong tax refund.
How long does tax refund take?
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 keeping in mind 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 the income tax return, you will have to get the ITR verified, after which the department will process it. If the information given by you is found to be correct, then you will be informed under 143(1). If you are to get any tax refund, it will be mentioned along with interest (if any). If you do not get the refund within 30 to 45 days, then you should take action. This can also be due to some mistake on the part of the taxpayer or due to a problem on the part of the tax department, which you will know about only when 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 by which a taxpayer requests that a refund that has not been received or processed correctly be re-issued.”
How to Raise Refund Re-Issue Request
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’. After this, select the ITR for which you want to file a refund reissue request. Once done, click on Next and select the bank account where you want to receive the refund. Click on Proceed and then select a verification method-Aadhaar OTP, EVC, or DSC.
