Discover Why Income Tax Refunds Are Delayed Despite ITR Processing: A Comprehensive Step-by-Step Guide
The final deadline for filing income tax returns was September 16. Following this, the Income Tax Department has begun crediting refunds to eligible taxpayers’ bank accounts. However, many have reported that, despite their returns being processed, refunds have not yet been received.
Understanding Delays in Income Tax Refunds
The Income Tax Department typically processes refunds within 7 to 21 days after return submission. It may take approximately 4-5 weeks for refunds to reflect in taxpayers’ accounts. Emegypt outlines steps to address refund delays efficiently.
Potential Reasons for Delay
- Incorrect bank details or IFSC codes may result in refund delays.
- Errors in Tax Deducted at Source (TDS) could affect the timing of refunds.
- Banks may require 15-30 days to process and issue refunds.
- Discrepancies in Form 26AS can also be a contributing factor.
Steps to Resolve Delays
- Visit the official income tax portal.
- Use personal credentials to sign in.
- Navigate to the “Refund/Demand Status” section to check refund progress.
- Verify the accuracy of bank account details and IFSC codes to avoid errors.
- If issues persist, submit a “Refund Reissue Request” to initiate a follow-up process.
By taking these steps, taxpayers can facilitate faster refund processing and avoid unnecessary delays. Keeping accurate financial details updated is crucial for a seamless refund experience.
