Once your income tax return (ITR) is processed, it ideally takes 30-45 days for you to receive your refund. If you had filed your ITR before July 31 (or even by the first week of August), you should have received your refunds by now. More than a month has passed for those who filed it closer to August 31. There could be many reasons for a delay in refund if you haven't received it yet.
Last minute filings
Most taxpayers file ITR on or closer to the deadline. With most people doing it on the last day, it creates a backlog and the I-T department takes longer to process your refund.
However, if you do not get your refunds or receive any communication from the I-T department within two months, you may have to review your ITR to find out if you made a mistake. Paper-based verification of ITR
Besides filing ITR, you have to verify the returns. Instant online verification helps you complete the process from your end.
Process of physical verification may take longer for your refund to get processed. Taxpayers can send their signed copies of ITR to I-T department within 120 days of submitting their returns online.
The actual process starts only after CPC Bangalore receives the physical copy of a completed and signed ITR Form.
Mistakes in the tax-filing
If you choose a wrong ITR form, misspell critical personal details or put in wrong information, your refund will get delayed as the I-T department will take time to confirm and verify the same.
In such a scenario, an IT official will look into your records thoroughly to check if you need to share additional details. The I-T department may intimate you with a request to produce additional information. Discrepancy in income or tax amount
Discrepancy in the income from various sources can also delay the refund process. This generally happens in case details mentioned in the Form 16 do not match with the TDS details in Form 26 AS.
Incorrect bank account details
If you do not give correct bank account details, it will be impossible for the I-T department to process your refund even if all other formalities are completed.
In this case, you can check the status of your refund online, which will show that your ITR is processed and refund intimation has been sent to the bank.Unless you have provided correct bank details, the money cannot be transferred. Wrong communication address
In case you make an error in your ITR and I-T department sends a communication, you will receive it only if you have provided correct communication details. Ignoring these communications can be troublesome for taxpayers. You must recheck your communication in case of delay.
When ITR filed by a legal heir
In case of the death of the taxpayer, his/her legal heirs file the ITR on his/her behalf. If there is a mistake, the refund will get delayed.
What should you do in case of delay?
If it has been more than a month and your refund is yet not processed, then you may need to check the status on the e-filing portal. You should regularly check registered e-mail ID or his e-filing account to check if there is any communication from the I-T department regarding the processing of ITR.