Income tax refund: For the financial year 2024-25, the taxpayer has paid the income tax on time, but despite this, if the processing of the refund is not being completed in time, then there can be many reasons for this. Often, the main reason for delay in refund is not to match the details of Aadhaar card and PAN card. It is mandatory to have a link to PAN and Aadhaar while filing income tax. If there is any kind of error in it, then there will be a delay in getting refund.
Reasons for delay in refund:
Mistake in bank details
If the bank account number or IFSC code is incorrectly filled while filing the return, then the refund will not come to your account. Therefore it is necessary to ensure that your bank details are correct and updated.
Demand for additional documents
If additional documents have been sought by the tax department for your claimed refund and you do not submit them on time, then the refund will be delayed. Even after giving incorrect information, the tax department can investigate and issue notice.
Difference between Form 26AS or Form 16
If there is a difference between the information given in Form 26AS (Annual Information Statement) or Form 16 and the details of your returns, then the refund process is stopped. In this situation, you may have to clarify and only then the refund will be released after verification.
How long does refund process take?
The refund process starts by the Income Tax Department when the return is e-voiced by the taxpayer. Generally, it takes 4 to 5 weeks to credit the money in the bank account of taxpayers. If the refund does not come even after this period, then the taxpayer should check the possible shortcomings in his ITR and read any notifications on the mail from the Income Tax Department carefully.
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