As months have passed since the income tax return (ITR) filing season, and with the deadline for revised ITRs approaching, most taxpayers have received their returns. However, there are still some waiting for refunds, while others have experienced failed refunds.
The Income Tax Department usually begins processing ITR refunds after confirming your submission, and refunds are generally credited within 4-5 weeks. If the amount is not credited within this period, please track its status and any official notifications regarding whether the ITR refund has been unsuccessful.
If your ITR refund has failed, the taxpayer can raise a request for refund reissue in the e-filing portal upon receiving communication from the Centralised Processing Centre (CPC). Refund shall be issued to the pre-validated bank account only.
If your ITR refund has failed, the taxpayer can raise a request for refund reissue in the e-filing portal upon receiving communication from the CPC. Refund shall be issued to the pre-validated bank account only.
A refund reissue request is required when an income tax refund has failed because of incorrect bank details, closed accounts, or other issues.
How to raise a refund re-issue request?
Here is a step-by-step guide detailed by the I-T Department to raise a refund re-issue request —
Step 1: Log on to the ‘e-filing’ portal https://www.incometax.gov.in/iec/foportal/
Step 2: Visit the Services menu and click on ‘Refund reissue’.
Step 3: Create a refund Reissue request. You will get the details of Assessment Year for which refund got failed.
Step 4: Select the Assessment Year and click on continue.On next screen, you will get the details of Bank.
Step 5: Validate the bank if it is not validated. After validation, select such a bank and submit the request.
When may an ITR refund fail?
In addition to processing delays, a refund from the Income Tax Department that is due for payment may not be credited to your bank account for the following reasons:
- If your bank account is not pre-validated, it is now mandatory to complete the pre-validation process.
2. The name on the bank account differs from the details on the PAN card.
3. In case of an invalid IFSC code.
4. If the account that you have mentioned in the ITR has been closed.
Disclaimer: This article is for informational purposes only and does not constitute legal or tax advice. Readers are advised to consult a qualified tax professional for guidance specific to their financial situation and compliance requirements.
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