Now merely a couple of days are left before the deadline to file income tax return (ITR) expires on July 31. There could still be quite a large number of taxpayers who are yet to file their returns. But those who have already filed their tax returns must be looking forward to receiving the refund — if any.
Usually most of the tax refunds are sent within three weeks of filing of return. But in case the tax refund has failed because of any reason, you can raise a service request to fix the same.
"Most refunds of low value transaction happen within 30 days, and you get intimation through email that your refund has already been processed. When the refund amount is more than ₹one lakh, then it can take up to six months. So, one can raise a service request after it takes longer than this. And even when it takes longer, one is entitled to receive an interest at the rate of 6 percent from the date you e verify your tax filing," says CA Chirag Chauhan.
"An income tax refund arises in case of a mismatch between the tax amount paid and the actual payable amount. Sometimes, the refund gets delayed because of wrong bank account details entered in the system. If you have not received the refund yet, check the refund status by logging in to the income tax e-filing portal," said Neha Nagar, CEO of Taxationhelp.in.
“More often than not, tax payers receive refund within a couple of weeks of filing the tax return. Those who file their returns on time tend to receive refunds also on time,” said Deepak Aggarwal, a Delhi-based Chartered accountant.
At the outset, you can log in to the income tax filing portal to raise a service request. A service request can be made for a number of issues which include a failed income tax refund, for later submission of ITR-V and for failure to file ITR before the last date.
To raise refund reissue request, you must have filed a return for which refund has failed.
These are the steps to follow to raise the request:
First of all, you can log in to tax filing portal. Then you have to go to the services menu, where you have to select ‘refund reissue’.
Second. Here you can see the status of refund reissue. But to create a new request, you must click on ‘create refund reissue request’ (see picture below).
Third. As you proceed, you must select the record i.e., year for which you want to apply for refund. Then you can click the record for which you want to send the request.
Four. Later, you must select the bank account where you want to receive the income tax refund. If you have, say, three bank accounts, you must choose one of them for the fund transfer.
Five. In case the bank account is not validated by the department, you need to first validate the same on e-filing portal.
Six. If the account is already validated, you can click ‘proceed’ to verification
Seven. There are two options for verification: The first is OTP that is sent on aadhaar registered number. The second is digital signature certificate.
Alternatively, one can also generate electronic verification code (EVC) through net banking, or through bank account, or through demat account.
After successful verification, the taxpayer is sent a success message with a transaction ID. One must keep the ID for future reference.