Are you among the many taxpayers wondering, “why ITR refund delay?” You’re not alone. “Income tax refunds” is currently trending on Google as individuals eagerly await their refunds. Let’s delve into the potential reasons behind these delays and what you can do about it.
Extensive Scrutiny of High-Value Refund Claims
One of the primary reasons why ITR refund delay occurs is the Income Tax Department’s increased scrutiny of high-value refund claims. According to CBDT Chairman Ravi Agarwal, the department is conducting detailed investigations into specific claims that have been flagged, leading to a temporary slowdown in the processing of refunds. This thorough examination aims to identify and rectify any incorrect deductions or suspicious claims, which can, unfortunately, extend the waiting period for many taxpayers.
Verification and Processing Backlogs
Government data reveals that while a significant number of Income Tax Returns (ITRs) have been filed and verified, a considerable portion remains unprocessed. As of recent data, over 81.8 million ITRs were filed, with 78.7 million verified, but only 69.5 million processed. This backlog contributes significantly to why ITR refund delay is a common concern.
How to Check Your ITR Refund Status
If you’re wondering about the status of your refund, you can easily check it through two primary methods:
- Income Tax Portal: Log in to the Income Tax e-filing portal (incometax.gov.in), navigate to ‘e-File,’ select ‘Income Tax Returns,’ and then ‘View Filed Returns.’ The ‘Refund Status’ will be displayed for each return.
- NSDL (TIN) Portal: Visit the NSDL portal (tin.tin.nsdl.com/oltas/refund-status), enter your PAN, select the relevant Assessment Year, and enter the captcha. This will indicate whether your refund is processed, sent, or still under processing.
Belated ITR Filing: What You Need to Know
If you missed the original due date for filing your ITR, you can still file a belated return. Keep in mind that there may be penalties for late filing. The penalty for filing a belated return can be a late filing fee, with additional charges depending on your taxable income.
Disclaimer
The information provided in this blog post is for general informational purposes only and does not constitute professional financial or legal advice. Tax laws and regulations are subject to change, and it is recommended to consult with a qualified tax advisor for personalized guidance.
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