Some media reports in December said that taxpayers were getting refund within a week of filing ITR. This is happening because now processing of income tax refund is happening faster than before. Refunds are being issued at the same speed.
Some chartered accountants say that we have seen many such cases in which taxpayers are getting refund very soon. This was not seen before. This is happening in the case of ITR-1 and ITR-4. Actually, the Income Tax Department has started using a new technology – CPC 2.0 – on its platform. Apart from this, the tax department has also started a new initiative called “instant processing”. Processing of ITR-1 and ITR-4 has started under instant processing.
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Incorrect bank account information: Under the new process introduced by the tax department, income tax refund is being issued through electronic means. This means that the refund amount is being sent directly to the bank account of the taxpayer. In such a situation, if the information related to the bank account in the form is wrong, there can be a delay in getting the refund. Refund will not be available until it is corrected. Bank account information can be corrected by going to the income tax portal. It is also to be noted that the bank account you are giving is linked to your PAN.
Bank Account Validation: To get a refund, it is necessary that the bank account is validated. For this, you go to the website of Income Tax Department and login with the help of PAN and password. After this, you will get the option of a ‘prevalidate your bank account’. If your bank account is integrated with the e-filing portal then prevalidation will be done directly through the electronic verification code ie EVC. You have to provide bank account, IFSC code, mobile number and email id.
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ITR not verified The process of filing income tax return is completed only after you have verified your ITR. If not, ITR processing will not be done and you will get delay in getting refund.