New Delhi: The deadline for submission of income tax returns has passed almost 45 days ago and the income tax administration has started giving their refunds to the eligible people. According to the Income Tax (I-T) Department, till September 8, 2022, a total income tax refund of Rs 1.19 lakh crore has been issued. This is 65.29 per cent higher than the refunds issued during the corresponding period last year.
Reasons for delay in ITR refund
However, there may be some people who have not yet received their income tax refund. There are many possible reasons for this. This can be due to a number of factors, but you should first determine whether the department has approved your income tax refund. You can only wait for the refund once their ITR has been processed and the tax agency has verified it. Only if the Income Tax Department agrees that you are entitled to a refund.
Not having your bank account pre-verified can also be another factor. By connecting to the e-filing portal and verifying that your bank account is linked to your PAN, you can verify that there was no mistake in the pre-verification of your bank account.
Also, if you still owe money from the previous financial year, the refund can be deferred. In this case, the income tax agency will adjust your refund as per that requirement. Additionally, being less than Rs 100 can also be a reason when the income tax authority does not credit the payment to your bank account. In some situations, the amount is balanced by the ensuing income tax return.
