If not, you can track its status on the I-T department's Tax Information Network website. If you verified in the past one month, the refund might be under process and the status should read: "Not Determined". However, if it has been longer, your status should read that your assessing officer ( AO) has sent the refund to your refund banker. Anything else means your refund is stuck.
There can be several reasons for it being stuck--from you entering a wrong IFSC code or bank account number to the department not agreeing to your tax calculation or deduction claimed leading to a tax credit mismatch. Wrong bank details entry can be easily corrected online on the I-T website. You just have to update your details via `Refund Re-issue Request' under `My Accounts'. In case of a credit mismatch, you might get a notice (via email) from the department. Here, you might have to file a `rectification'. Rectification under Section 154(1) can be filed for small errors such as mismatch in tax credit, advance tax mismatch, incorrect gender, or additional details not submitted for capital gains at the time of filing return. A rectification does not mean you have to re-file your ITR. However, post rectifying a `mistake', if there is a change in income you'll have to file a revised return. Also, you cannot claim new deductions and exemptions in a rectification request.
A common reason for a tax credit mismatch is TDS mismatch. Meaning, the tax credit you have claimed does not match with the TDS entries on your Form 26AS .You must have received a mail from the department explaining the same or you can login to the e-filing website and check for the information under `My Accounts'. If you agree with the mismatch, file a recti fication for the year. If you think there is a mistake in your 26AS, you'll have to get in touch with the respective TDS deductor-the bank or your employer--to get it fixed.
Another reason why you might not have revcieved your refund may be because of outstanding tax liability. The assessing officer (AO) has a right to adjust your refund against unpaid dues of previous years. This is allowed under Section 245 of the Income Tax Act. You must have received a notification from the AO on this. Again, you'll have to file a rectification to correct the same. If you are not sure how the tax demand got calculated, or you do not agree with the department, you might need a CAs assistance to file a suitable response. Sometimes, the taxman may also ask for additional details to process your return with refund. In this case, you'll receive an email explaining the information sought.
The I-T department has extended the tax verification deadline to 31 January. So, if you missed the earlier deadline, you can still claim your refund, but you will have to mail the signed ITR-V to CPC Bangalore.
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