Tax refund has not been received, know what could be the reason?
Have you filed your income tax return and have not received your refund yet. There can be many reasons for delay in getting tax refund.
Usually, refunds are received shortly after the return is processed in the central processing unit, but if there is a mistake in filing the income tax return, there is a delay in crediting it to your bank account.
According to the income tax, the income tax return of income tax assesment year 2020-21 is being processed through CPC 2.0. Refunds may be delayed due to this.
Why is there delay in getting refund?
If there is a delay in getting refund, then there are some reasons for this. Kovid-19 is facing problems in the functioning of the department .. Apart from this, software is being upgraded for faster processing of ITR. Income tax refund can be delayed due to this technical upgrade. However, the department is engaged in complete fast processing work.
Refunds are delayed due to these reasons
Tax refunds can be delayed due to several reasons. If you have given incorrect or incomplete information while filing your income tax return, it may be late to get the refund. There is a delay in getting the refund if you have made a mistake in giving the bank IFS code or have filled the bank account number incorrectly. Many times tax refund can also be delayed due to non-submission of required documents. If there is a delay in getting the refund after the last date of filling the ITR, then the tax department pays interest at the rate of 6 percent.
If the refund is less than Rs 100, then the amount will not be credited to the account
If the amount of income tax refund is less than Rs 100, then your refund will not be credited to your bank account. This amount of tax will be adjusted in the amount of income tax refund in future. If the amount of tax payable before filing ITR is less than Rs 100, then it should be paid. If it is not there, the ITR file will not be available.
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