Income Tax: Make sure your bank account is updated to be repaid on time | Mint

Income Tax: Did you submit your income tax return last year and do not receive your refund? Although unusual, it can be true. There are some taxpayers who have not yet received their income tax refund, even after a few months. Meanwhile, it is important to note that the last date to submit FY 2024-25 Income Tax (ITR) is September 15 after the regular deadline of July 31 is expanded to the new one. There can be different reasons for this. We list it here: 1. You have not added an active bank account to allow the refund to be processed. 2.. Perhaps the money was transferred to the bank account you do not use regularly. So, if you want to add the bank account to your income tax account, you must take the following steps. Step-by-step guide for adding a bank account 1. Visit the Income Tax Portal and Sign in to your profile. 2. Now you can add a bank account. 3.. The system will ask you to ratify it. However, if you already have a bank account, take the following steps to update the account. 1. Visit Income Tax (IT) Portal and Sign in to your profile. 2.. Select a bank account already added to your account. 3.. Now you can update the bank account details such as account number, IFSC and account type. 4.. In the end, you must ratify it to make the changes. Meanwhile, tax refund may delay due to incorrect submission for different reasons. Here is a list of reasons: TDS -Wan adjustment: It happens if you report lower TDs than appear in Form 26As. Incorrect deduction claims: This means exceeding the quantity of deductions under different terms such as section 80c or 80d. Due to income: This happens when taxpayers do not report interest income, capital gains or freelance earnings. Calculation error: This can happen if you make manual enrollment errors in income or tax calculations. Visit here for all personal finance updates.