Check out this blog to learn about income tax refunds. Also, learn the process to check the tax refund and measures to be taken in case of income tax refund status 2020-21 delay.
The income tax department scrutinizes every ITR filed and assesses the tax amount paid. If the assessee overpaid the tax, the department issues them a refund. According to the Income Tax Act of 1961, all taxpayers who have overpaid their taxes are eligible for a refund. They can file a claim for a refund through the income tax refund 2023 form. The extra amount deposited is reimbursed to their registered bank account.
The causes of income tax refund delays, how to monitor the status of your return, and the precautions you should take in the event of a 2022–23 delay will all be covered in this article.
Income Tax Refund Delay 2023
It is always advisable to file IT returns in time. Filing the ITR will result in an early tax assessment, and you will receive the refund (if any) sooner. With the passing of days, the number of returns filed by taxpayers increases, and the processing of your file will be delayed. Hence, the income tax refund would also be delayed. But this might not be the only reason for the refund to be delayed. There can be other reasons for the delay.
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The Process to Follow for Income Tax Return Delay 2023 Status
If the amount of your income tax refund is not credited in the stipulated period, you must check the income tax refund refund status by logging in to the income tax e-filing portal.
Follow the below-given steps to check the refund status:
Step 1 – Go to the official Income Tax e-filing portal
Step 2 – Using your credentials, log in to your account
Step 3 – Click on e-file
Step 4 – Select income tax returns
Step 5 – Now, click on view the filed returns
Step 6 – Choose the Income Tax Assessment year for which you wish to check the refund status.
Step 7 – After selecting the assessment year, click on view details. A new window will open, and the refund status of your ITR will be displayed on your screen.
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Note:
If the income tax return is processed, but the department’s refund is not issued yet, the status will reflect – Processed with a refund due. Usually, it takes around 20 to 45 days after the processing of the ITR 6 filing to receive the refund amount.
If the refund is received, the status will reflect – Refund issued. You can check the details for the amount of refund issued, mode of payment, clearance date, and others by clicking on refund details.
The Tin-NSDL website too can be visited to check the IT refund status. The refund status will be displayed on the screen after entering the relevant details like PAN, assessment year, and the captcha code.
Reasons for Why ITR Processing Delay for Ay 2023-24
There are several reasons for a delay in the income tax refund. The following will discuss the reasons behind the delay and the measures you to be taken to deal with the issue.
- If you have filed a tax return for 2022 – 23 and find the Income tax refund AY2023-24 status delayed, check if the verification of your income tax return is complete or not. In case it is not, then verify it. If the return is verified online and is processed, but no refund is credited to the account, you must file a grievance on the online portal to know the reason for the delay.
- Refund request rejected by the department: Such a delay happens when according to the Income Tax department, you still owe them taxes. In this case, the department will issue a notice stating the outstanding amount of tax. On receiving the notice, you must check/ verify your documents and reassess your tax liability and the expected refund amount. If the ITR 5 filing f by you stands correct, file a rectification return U/s 139(4). In case the amount filed was incorrect, you must pay the outstanding tax within the time stipulated by the department (mentioned in the notice issued).
- Not claiming a deduction you are eligible for: If your ITR is not processed yet, you can revise the return and include the deduction you missed out on when filing your ITR earlier.
- Bank account details have changed: If the tax refund was processed but not credited to your bank account, you must file a grievance in the online portal. You might require to file a refund reissue request, or the department may ask you to e-mail them the latest bank account details and other relevant information. The following details will be required:
- Contact details of the assessee – Name, date of birth, contact number, etc.
- Scanned copy of the PAN card
- Scanned copy of a photo identities proof like an Aadhaar card, passport, voter ID, or driving license
- Screenshot of the error message
- Grievance acknowledgment number
- Refund request under process: The Income Tax department taking time to process the refund request may be a reason for your income tax refund status 2022-23 delay. In this case, ascertain that you have verified your return and sent the ITR – V within 120 days from the date of filing the ITR 2a. If not, revise your return and send a fresh acknowledgment to CPC Bengaluru. In case the ITR V is verified, you should follow up with CPC on helpline numbers 1800 103 0025/ 1800 419 0025/ 080-61464700 from Monday to Friday 8:00 am to 8:00 pm. Also, check if the bank account details submitted by you are valid.
- Filing an offline return: As physical processing forms require time, you must wait for the department to complete the process.
Conclusion
We hope this article has helped acquaint you with measures to deal with the income tax refund status 2022-23 delay. Tax refunds are issued to individuals who have overpaid their taxes. After processing the ITR and the tax amount: https://www.incometax.gov.in/iec/foportal, the department releases the tax refund (if any), which is then credited to the taxpayer’s registered bank account.
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