Haven't got ITR refund yet? Here are 3 likely reasons why
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Don't worry, we've got your back
Haven't received a refund for the income tax return (ITR) for FY2021-22 or AY2022-23 yet? Here's what you should know.
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Are you eligible for an income tax refund?
Firstly, you must check whether the income tax department has processed your ITR or not. You will only get a refund if the income tax department confirms that you are eligible for a refund after processing your ITR.
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Check your income tax refund status
In the next step, you need to check the status of your ITR via Tin-NSDL (www.uat.tin-nsdl.com) or income tax e-filing website. If it shows 'No Records Found', then it may happen that tax department is yet to issue the details of the tax refund.
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Income tax refund issued, failed or kept on hold?
If you check your income tax refund status on the income tax e-filing website, either of these options will be shown based on the status of your refund.
a) "Refund Issued" with the mode of payment, the refund amount and the date of clearance of refund.
OR
b) "Refund Failure" with reason for failure, date of communication and the registered email ID.
OR
C) 'Refund Kept on Hold' with the link for the response to the outstanding demand, communication date, your registered email ID where it has been sent.
a) "Refund Issued" with the mode of payment, the refund amount and the date of clearance of refund.
OR
b) "Refund Failure" with reason for failure, date of communication and the registered email ID.
OR
C) 'Refund Kept on Hold' with the link for the response to the outstanding demand, communication date, your registered email ID where it has been sent.
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What to do if income tax refund request has failed
In case your refund request has failed, you need to raise a request to re-issue the income tax refund via income tax e-filing portal.
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Pre-validation of bank account is a must
There could also be an error in pre-validating your bank account or maybe your PAN is not linked to your bank account, which could delay the income tax refund.
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Outstanding demand: What's that?
Your tax refund can also be delayed if you have any outstanding demand pending from the previous financial year.
If there is any outstanding demand pending, then your income tax refund will be adjusted against that demand. The same will be informed to you via an intimation notice issued under section 143(1). Thus, once your ITR is processed, it is important to ensure that you have received an intimation notice.
If there is any outstanding demand pending, then your income tax refund will be adjusted against that demand. The same will be informed to you via an intimation notice issued under section 143(1). Thus, once your ITR is processed, it is important to ensure that you have received an intimation notice.