ITR refund status FY2023-24: 8 reasons for income tax refund failure
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How many days does it take to get a tax refund?
Remember to verify your tax return online to ensure you receive a refund. Normally, it takes four to five weeks for the refund to be deposited into your account. If you haven't received it by then, be sure to check your emails for any messages from the income tax department about potential issues with your tax return. You can also keep track of your refund status on the e-filing website.
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Tax refund processing
The State Bank of India (SBI) is responsible for processing income tax refunds and depositing them directly into the bank account specified by the taxpayer in their ITR at the time of filing. As a result, it is crucial to ensure that the correct bank account number and IFS code are provided. It's also important to pre-validate the bank account on the government's new income tax e-filing portal and link the PAN with the bank account.
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How to track status of ITR tax refund
You can track the income tax refund on:
a) The new income tax portal or
b) The NSDL website
a) The new income tax portal or
b) The NSDL website
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What can be the reasons for refund failure?
Failure of credit of refund can be due to one or more reasons as listed below:
If your PAN is inoperative, your refund will get failed and you will see a warning message to link your PAN with the Aadhaar.
Incorrect Bank Details (Account no, MICR Code, IFSC Code, Name mismatch etc.)
Account holder KYC is pending
Account details given are other than Current Account or Saving Bank Account
Account Description is incorrect
If the account that you have mentioned in the ITR has been closed.
In case the bank account is not pre-validated. It is now compulsory to pre-validate your bank account.
If your PAN is inoperative, your refund will get failed and you will see a warning message to link your PAN with the Aadhaar.
Incorrect Bank Details (Account no, MICR Code, IFSC Code, Name mismatch etc.)
Account holder KYC is pending
Account details given are other than Current Account or Saving Bank Account
Account Description is incorrect
If the account that you have mentioned in the ITR has been closed.
In case the bank account is not pre-validated. It is now compulsory to pre-validate your bank account.
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ITR tax refund status message
Status 1: When refund is issued: ITR filing is processed and a refund is credited to your account
Status 2: When refund is partially adjusted: If the department has any outstanding demands from previous years, they can offset them against the current year's refund. However, before doing so, they will send a notice under section 245 informing you about the adjustment. You must respond to the notice to indicate whether you agree with the department's decision. Failure to respond promptly will result in the department offsetting the demand and processing the return accordingly.
Status 3: When full refund adjusted: In case there is any outstanding amount from previous years, the department will deduct that amount from your current year's refund. However, before making this adjustment, they will issue a notice under section 245, informing you about the offset of your refund against the outstanding amount from previous years.
Status 4: When refund is failed: The refund has been accepted by the IT department but was not paid due to an error in bank details as bank details are not prevalidated
Status 2: When refund is partially adjusted: If the department has any outstanding demands from previous years, they can offset them against the current year's refund. However, before doing so, they will send a notice under section 245 informing you about the adjustment. You must respond to the notice to indicate whether you agree with the department's decision. Failure to respond promptly will result in the department offsetting the demand and processing the return accordingly.
Status 3: When full refund adjusted: In case there is any outstanding amount from previous years, the department will deduct that amount from your current year's refund. However, before making this adjustment, they will issue a notice under section 245, informing you about the offset of your refund against the outstanding amount from previous years.
Status 4: When refund is failed: The refund has been accepted by the IT department but was not paid due to an error in bank details as bank details are not prevalidated