Income Tax Refund Status: Yet to get credit after seven days of ITR filing? Check for these common mistakes
Income Tax Refund Status: The Central Board of Direct Taxes (CBDT) informed that it has issued ITR refunds of over Rs 1,73,139 crore to more than 1.57 crore taxpayers between 1st April, 2020 to 11th January, 2021.
Income Tax Refund Status: The Central Board of Direct Taxes (CBDT) informed that it has issued ITR refunds of over Rs 1,73,139 crore to more than 1.57 crore taxpayers between 1st April, 2020 to 11th January, 2021. The CBDT informed about the development from its official twitter handle on 13th January 2020. Immediately after the CBDT tweet, a good number of income taxpayers, started complaining on various social media platforms about the non-receipt of their ITR refund.
Taxpayers have done the ITR filing four to five months ago. In that case, it is important for the income taxpayers to know the ITR refund time, which is just seven working days. if a person doesn't get an ITR refund in seven working days, then there are some common mistakes that they need to check.
See Zee Business Live TV Streaming Below:
Here is the list of few such mistakes:
1] Wrong bank account information: The Income Tax Department gives ITR refund online via direct credit to the taxpayers' bank account. In such a situation, if the taxpayer has filled the wrong details of one's bank account while filling the income tax form, then its Income tax refund can get stuck. In that case, the taxpayers need to rectify one's bank account information. The taxpayer can correct the account details in one's form online. One should also make sure that the bank account mentioned in the income tax form must be linked with one's PAN.
2] Non pre-verification of bank account: Second biggest possible reason for delay in ITR refund 2020 could be one's bank account number not being pre-verified. If the taxpayer does not already verify the bank account in which the tax refund is to come from the Income Tax Department, then the IT refund gets stuck. Therefore, the taxpayer should timely verify the bank account associated with the Income Tax Department. After filing the tax return, whatever returns will be made will be sent to this account through the Centralized Processing Center of the Income Tax Department.
3] Non verification of ITR: After filling the income tax returns, the taxpayer has to verify one's ITR. Many times it has been found that the taxpayer does the ITR filing on time but doesn't verify one's return. In that case, the ITR refund gets stuck too. Therefore, if a taxpayer wants its ITR refund soon, he or she must not forget to verify one's ITR.
4] Income Tax Refund status check: If one's ITR refund is not credited, the taxpayer can check the ITR refund status through the Income Tax Department website. The taxpayer can easily do this through one's PAN, login ID and password.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.