New Delhi, Sept. 18 -- Income-tax refunds have risen sharply this year, but that does not mean every taxpayer who has already filed and verified an ITR has already received the money.

As per the Central Board of Direct Taxes (CBDT) data, direct tax refunds increased 29.19% year-on-year to Rs.2.20 lakh crore as of 17 September, compared with Rs.1.70 lakh crore during the corresponding period last year.

The Income Tax Department had received more than 7.8 crore ITRs by 31 August.

If you are still waiting for a refund, the first thing you need to understand is that filing and e-verifying a return does not mean the refund has been approved. The return must be processed, and the tax department must reconcile the information before releasing...