Income Tax Refund Failure Reasons 2023: Refund can fail, get stuck or delayed after ITR filing – 5 points
Income Tax Refund Failure Reasons AY 2023-24: ITR filers become eligible for Income Tax Refund if they have paid excess taxes in the relevant financial year. In the case of ITR filing for Assessment Year 2023-24, the relevant Financial year is FY 2022-23 and the due date to file returns for taxpayers whose accounts don’t need to be audited is July 31.
However, It is possible that after the filing of the income tax return, a taxpayer might fail to receive a refund or it might be delayed. Even though the Income Tax department is now very proactive in issuing refunds within a few days, some reasons may lead to a failure or delay in the processing of the income tax refund. Let’s have a look at some of the possible reasons for the failure or delay of refunds:
1. ITR not verified: In many cases, taxpayers file their returns before the due date but fail to complete the verification. It is important to verify the ITR, failing which the ITR filing process is not complete. Once you verify the return then only the refund can be processed. The verification of the ITR can be done online or through Aadhaar-linked OTP verification in a few minutes after filing ITR. It is recommended to e-verify ITR as soon as you file it.
2. Your refund may be delayed if the ITR has not been processed by the Income Tax Department. You can check the ITR processing status by logging on to the e-filing portal. You can also check the Refund Issue Status on the ITR e-filing website even without logging in. (here’s how).
3. By going to the ‘Know You Refund Status’ tab on the home page of the e-filing portal and submitting details, you can know the status of whether it has been issued or put on hold or failed. If the refund request has failed, you can apply
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