June 18, 2025: Have you filed your Income Tax Return (ITR) but still haven’t received your refund? You’re not alone. Many taxpayers are yet to get their refunds due to avoidable issues—chief among them, outdated or unverified bank details.
With the new deadline to file ITR for FY 2024-25 extended to September 15, it’s crucial to ensure your bank account is active and validated on the Income Tax portal. Here’s what you need to know.
Also Read: Aladdin Jio Blackrock Mutual Fund: Check Latest Updates
Common Reasons for Refund Delays:
- Inactive or Missing Bank Account: Your refund may be delayed if the account isn’t linked or verified.
- Transfer to Unused Account: Refunds might be sent to a dormant or infrequently used account.
- Filing Errors: Mistakes in TDS, deduction claims, or omitting income can also hold up refunds.
How to Add or Update Your Bank Account:
To add a new account:
- Log in to the Income Tax Portal.
- Navigate to your profile.
- Add your bank account and complete validation.
To update an existing account:
- Log in to your profile on the portal.
- Select an already linked account.
- Update the details such as account number, IFSC code, and account type.
- Validate the changes.
Other Possible Filing Mistakes:
- TDS Mismatch: Differences between declared TDS and Form 26AS.
- Incorrect Deduction Claims: Overstating exemptions like under Sections 80C or 80D.
- Omitted Income: Missing out on interest, capital gains, or freelance income.
- Manual Errors: Mistakes in calculations or data entry.
Stay ahead by reviewing your ITR and bank details to ensure timely refunds.