Income Tax: ITR was filed before the end of the last date, refund not yet received, know the reason?

45 days have passed since the deadline for filing income tax return. Income Tax Department has already issued ITR refund to eligible taxpayers. Recently, the Income Tax Department said in a statement that ITR refunds of Rs 1.19 lakh crore have been issued till September 8, 2022, which is 65.29 per cent higher than the refunds issued during the same period last year.

However, there are some taxpayers who have not yet received their ITR refund and are still waiting for the same. Delay in ITR refund can happen due to various reasons.

This could be the reason

There can be many reasons for delay in ITR refund. Therefore, taxpayers have to first check whether their income tax refund has been processed by the department or not. They can get refund only after their ITR has been processed and it has been confirmed on the official website of the tax department. Refund status can be checked on the official portal of Income Tax Department.

Another reason for delay in ITR refund

Bank account verification can also be another reason for delay in ITR refund. Taxpayers can check the error in verifying bank account and check whether your bank account is linked with your PAN by logging into the e-filing portal. Apart from this, refunds can be delayed even if there is pending demand from the taxpayers from the previous financial year. However, in this case the Income Tax Department will adjust the refund amount against that demand.

There can be another reason for delay in ITR refund. If the refund amount is less than Rs 100, then the Income Tax Department does not credit it to your bank account. In such cases the amount is adjusted against future income tax refund.