If you have filed your income tax return for the Financial Year 2021-22 and haven’t received the refund so far, then you need not worry. You can raise refund reissue request. Tax department provides refund reissue when a refund is failed to due to reasons like incorrect account number, expired check, a return of cheque etc.
The refund is usually processed within a month’s time of filing the ITR. After the processing of refund is completed by Centralised Processing Centre, the refunds are issued within 20 to 45 days. The refunds for taxpayers who are eligible for refunds up to Rs 5 lakh get direct bank credit within a week of refunds being processed. Income Tax Return: Here’s How to Check ITR Refund Status Online
However, delay is also likely to occur if the taxpayer makes a mistake in filling the ITR. Refunds are withheld if a mismatch occurs in the ITR and the details available with the I-T department. In case of a query, the taxpayer must respond to it quickly.
In many cases, income tax refunds are not issued or are rejected due to simple mistakes like furnishing incorrect bank account details in the ITR form. In that case, check your bank account details you have mentioned in your ITR. ITR Filing: New Record of Over 72.42 Lakh ITRs Filed On A Single Day, 5.83 Crore IT Returns Filed Till July 31
How to raise a tax refund re-issue request in 5 steps:
If your income tax refund has been rejected by the income tax department on technical grounds, you can raise a refund re-issue request by following the below steps.
1) Login to income tax e-filing website with user id and password.
2) Go to ‘My Account’ section and then click on ‘Refund Re-issue Request’.
3) Enter PAN, assessment year, CPC communication reference number, refund sequence number (available on the 143(1) Intimation order and then click on the ‘Validate’ button.
4) You would now be asked to update the bank account details from the option under the field ‘Do you want to update Bank Account details?’ If you select ‘Yes’, you will need to enter details in the additional fields i.e. bank account number, type of account and IFSC code/MICR code.
5) The final step is to click on “Submit” to validate the details.
(The above story first appeared on Today News 24 on Aug 23, 2022 04:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
