ITR Refund News: It has been more than 15 days since the new year started. Half of the month of January has passed, but many people have not yet received their income tax refund. Some people have also received a message from the Income Tax Department that their refund is in the ‘risk management process’ or has been stopped at the moment. People get nervous when they receive such a message, but there is nothing to be afraid of. Let us understand in simple words why refund gets stuck and what should be done in such times.
Why does income tax refund get stuck?
According to the Income Tax Department, when a discrepancy is found between the information given in the tax return and the information available with the department, the refund is withheld for investigation. This information is matched with records like Form 26AS, AIS or TIS.
Often there are some reasons behind refund getting stuck. Such as filling the income or investment information incorrectly, uploading wrong receipt or document, or the bank account not being pre-validated.
What to do if you get a message that your refund has been stopped?
If you have received such a message from the Income Tax Department, then first of all there is no need to panic. Double-check your information with a calm mind. First of all, check that there is no mistake while filing the return. Check carefully whether the name, bank account, income or investment amount is correct or not.
After this, log in to the Income Tax website and look at the ‘Pending Actions’ or ‘Worklist’ section. Here it is told whether the department needs any answer or document from you or not.
Why is it important to respond on time?
If you see any notice or message on the website, respond to it quickly. The longer the delay in responding, the greater the delay in getting the refund. If you have shown investments, keep the correct receipts with you. If wrong document has been uploaded by mistake, submit the correct information online immediately. The refund process starts again as soon as the required documents are submitted.
What to do if refund still does not come?
If you have given all the information correctly and still the refund is not coming, then you can go to the Grievance Section of the Income Tax Department and lodge a complaint. This will refocus your problem.
Withholding of income tax refund is common and in most cases it happens due to small mistakes. This problem can be easily solved by checking and responding to information at the right time.
The post ITR Refund News: Your refund is stuck, don’t panic, do this work immediately..! appeared first on Latest.
Comments are closed.