Income Tax: Make sure your bank account is updated to get refund on time | Mint

Income Tax: Did you file your income tax return last year, and yet not received your refund? Although unusual, this can be true. There are some taxpayers who have yet not received their income tax refund even after lapse of several months.

Meanwhile, it is important to note that the last date to file income tax return (ITR) for FY 2024-25 is September 15 after the regular deadline of July 31 was extended to the new one.

There could be several reasons for this. We list them here: 

1. You have not added an active bank account to allow the refund to be processed.

2. Perhaps the money got transferred to the bank account which you do not regularly use.

So, if you want to add the bank account to your income tax account, you need to take the following steps.

Step-by-step guide to adding a bank account

1. Visit the income tax portal and log in to your profile.

2. Now you can add a bank account.

3. The system will ask you to validate it.

However, if you already have a bank account then you need to take the following steps to update the account.

1. Visit income tax (I-T) portal and log in to your profile.

2. Choose a bank account which is already added to your account.

3. Now you can update the bank account details such as account number, IFSC and account type.

4. Finally, you need to validate it to make the changes.

Meanwhile, there could be delay in tax refund because of wrong filing on account of various reasons. Here we list out some of the reasons:

TDS mismatch: This happens when you report lower TDS than what appears in Form 26AS.

Incorrect deduction claims: This means overstating the quantum of deductions under various provisions such as section 80C or 80D.

Omitting income: This happens when taxpayers do not report interest income, capital gains, or freelance earnings.

Calculation mistake: This could happen when you make manual entry errors in income or tax calculations.

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