Why Have You Not Yet Received Income Tax Refund Despite Timely ITR Filing? Income Tax Department Response!
Income Tax Refund Update 2023: More than 6.8 crore individuals have submitted their income tax returns for the Assessment Year 2023-24. While many have already received their refunds, some are encountering delays.
Why Have You Not Yet Received Income Tax Refund Despite Timely ITR Filing? Income Tax Department Response!
"Income Tax Refund Update 2023: More than 6.8 crore individuals have submitted their income tax returns for the Assessment Year 2023-24. While many have already received their refunds, some are encountering delays.
One taxpayer, who filed his return well ahead of the deadline, recently questioned the Income Tax department on social media about the delay in receiving their refund. Via Twitter, the taxpayer tagged the Income Tax department and wrote, 'I paid my taxes on time and filed my return well before the due date. Why am I still waiting for my refund? @PMOIndia, please assist.'
In response, the Income Tax Department requested the taxpayer to share their details via email. They replied, 'Kindly email us your details, including your PAN and mobile number, at orm@cpc.incometax.gov.in. Our team will reach out to you.'
For non-audit cases, the deadline to file ITR for the Assessment Year 2023-24 was July 31, 2023. As per the data on the Income Tax Department's website, over 6.8 crore returns were submitted by August 6. Out of these, more than 6 crore returns were verified by the taxpayers, and the Income Tax Department processed over 4.34 crore returns.
However, there are indications that some refunds might be delayed, as over 2 crore returns are still awaiting processing.
Additionally, delays might be occurring due to some returns not being verified within the stipulated 30-day period after filing. As of August 6, more than 80 lakh returns remained unverified by taxpayers.
Tax experts emphasize that the speed of refund processing depends on various factors. The Income Tax department aims to process refunds within 20 to 45 days from the ITR filing date. However, this is a general guideline.
The maximum time allowed for ITR processing and sending an intimation by the tax department is 9 months from the end of the financial year in which the return was submitted."
Also Read: Can You Switch Between Tax Regime While Belated Income Tax Returns
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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