Publish Date: November 18, 2023
Filing an Income Tax Return (ITR) is typically undertaken to secure a refund when taxes paid surpass actual liabilities. Moreover, the issuance of the ITR refund typically occurs within a timeframe of 7 to 120 days from the filing date.
“In recent years, due to technological advancements and the transition to online filing, there has been a significant reduction in the average processing time for ITR refunds.”
If, however, the ITR refund hasn’t reached a taxpayer due to account number discrepancies, they must check the bank account number and the Indian Financial System Code (IFSC) details provided during ITR filing.
They must ensure that the numbers are correct and match the account number and IFSC code as per the bank account. If need be, they must contact the bank to verify that the account is still active and that there are no holds on the account.
Following this, the taxpayer should contact the Income Tax (IT) department to request a refund re-issue, providing their Permanent Account Number (PAN), assessment year, and refund amount details.”