Why your income tax refund credit can take up to 9 months

The September 15 deadline for filing income tax returns is just around the corner. If you have not filed yet, it is important to do so as soon as possible to avoid penalties.

This delay can occur due to various factors, including the complexity of the tax return.

Here are the main reasons why your income tax refund credit might take that long

• "While many people get their refunds earlier, delays can happen if there are errors in your return, mismatched details, or heavy processing load during peak season. So, taxpayers can expect their refunds anytime within this nine-month period,” said Abhishek Soni, CEO & Co-founder, Tax2win.

• According to tax and investment expert Balwant Jain, while ITR-1 is generally processed faster, ITR-2, ITR-3 and ITR-4 can take more time due to their complexity.

• However, Jain notes that ITR processing has become quicker in recent years, though complications still arise, particularly with business income filings.

• One of the key issues taxpayers face is the TDS mismatch. In many cases, there is a mismatch between the TDS details reported in Form 26AS and what is declared in the ITR.

September 15 tax deadline: Don’t wait until the last day

Intimation refers to the processing of returns by the Centralised Processing Centre (CPC). In this, all returns filed under Section 139 or in response to a notice under Section 142(1) are processed to verify and fix the arithmetical errors, apparent errors, tax calculation, and tax payments.

You will have to file rectification for intimation u/s 143(1)?

⦁ Log in to your income tax portal account

⦁ Go to the Service tab

⦁ Select rectification, and choose relevant A.Y. and file

Intimation is required to be issued within 9 months from the end of the financial year in which the return is furnished by the assessee.