Know why there is delay in income tax refund

1. KNOW WHY THERE IS A DELAY IN TAX REFUND “If you have paid your ITR but there is a delay in refund, do not worry you will get a refund from the income tax department but it will take time.” As the world is suffering from a pandemic which will delay all the processes and slower the activities of everything. In the time of COVID, 19 people are taking precautions and want to work from home so that they have least go outside from their home. The government also makes some guidelines for the safety of citizens, so that they can do all activities from home. The software has been upgraded for faster processing of ITR. Due to this technical upgrade, this might be the reason for the delay in getting an income tax refund. There are no such guidelines regarding tax refunds, now because of the pandemic, there is a lot of extension in due dates. Many times taxpayers can get the refund in 1 week but in some cases, it may take too much time. It also depends on the process you file an ITR, if the tax department finds any errors; it may delay your income tax refund. According to the income tax department, the assessment year 2020-21 returns will be processed through CPC 2.0. Due to this, the refund is delayed. As the above mention, the tax department has given any timeline for the commencement of the income tax refund process for the migration and assessment year 2020-21 on the new CPC 2.0 platform. As above mention, the error from the taxpayer is also the reason for the delay A tax refund may be delayed due to incomplete ITR and incorrect information. It may be delayed because of the wrong bank account and IFCI information Submitting the wrong ITR forms or not providing the important document is also the reason for the delay So, to avoid the delay in refund try to submit all required forms. Check and revise all the documents and mention all the information to avoid errors. File your ITR before the due date to keep away from penalties and get many benefits. The last date for filing ITR for AY 2020-21 is 31st December 2020.