Know why is there a delay in the Income Tax refund and what have you made such mistakes.
Income Tax Refund Delayed: According to the information given by the Income Tax Department, 7.28 crore returns have been filed till the last date. After filing ITR, taxpayers wait for their refund. Because now after July, the month of August is also going to end, so everyone is eagerly waiting for the refund.
The last date to file ITR was 31 July. As per information available from the Income Tax Department, there were filings of 7.28 crore returns till the last date. After filing ITR, tax payers await their refund. Because now, after July, even the month of August is going to end, hence everybody is waiting for the refund.
If you are still waiting for the refund even after filing ITR on time, then surely the information given here is going to be useful to you. You have to understand that many factors can result in a delay in your income tax refund. Here are the reasons listed-.
Filing is not the only requirement but verification of ITR is also a must. Verification of ITR is to be mandatorily made through Aadhaar OTP. In case it is not done, the refund may get delayed.
The wrong information about the Bank Account is also a reason for a delay in the refund. This can occur due to bank account number, IFSC code, micro code, or wrong name.
Under section 139 (9), if you have filed an ITR return but any kind of information in the return is incomplete or wrong, then a notice is received. You will also get 15 days to correct this mistake. In this case, this may be a reason for the delay in refund. If any person has filed an ITR and is awaiting his or her refund, high is the amount of refund that can cause the delay.
