With the end of ITR Filing season, now the assessee has starts receiving their claimed refund from Income Tax Department. Individuals who have filed their ITR's before 31st August, 2019 has almost received their refunds. Because, this time, to lower the interest burden on government treasury, Income Tax department has processed refund cases on Priority basis.
Sometimes queries received from assessee that, they has timely filed their ITR but refund amount has not been received.
here some Issues, which affects (decrease) your Income Tax refund eligibility, which are as follows
Mismatch of TDS Credit, as claim by you and detail available in Form 26 AS
You have under reported your Income but department has received details from external sources about this under reported Income
You have claimed Excess deduction under Chapter –VI-A, in comparison to its eligibility, which is denied by department while processing your Income Tax U/s 143 (1) of Income Tax Act, 1961
Adjustment of this year refund amount, with any previous year Tax Demand
If you have timely filed your ITR and everything is Ok in your ITR, then in normal circumstances, assessee received refund amount within 2-3 months of from the date of ITR Filing. When your ITR is processed an intimation U/s 143 (1) of Income Tax Act, 1961 will be sent on mail id mentioned in your ITR and a SMS is also sent on your mobile number. In this intimation, detailed calculation of your assessed Income and Interest amount along with interest allowed on your refund amount is shown. After processing of your refund, details are sent to refund banker for further processing of refund amount. When you received intimation U/s 143 (1) regarding processing of your refund, you can check status of your refund disbursement on NSDL Portal.