Are You Waiting For Your Income Tax Refund? Know How Long Will It Take To Get Your Refund Credited?
Every taxpayer is required to file income tax returns (ITR). It guarantees adherence to tax regulations and aids in the advancement of the country. After properly submitting your ITR, the question “How long does it take for the refund to come into my account?” arises.
The answer to this query is dependent on a number of variables, such as the tax authorities’ processing time, the veracity of the information submitted, and the mode of refund selected.
What Is ITR Refund?
The taxpayer can request a refund if the amount of taxes paid is greater than the assessee’s actual tax return. The Income Tax Refund can only be claimed by only and only after filing Income Tax Return (ITR).
ITR Processing Time for Refunds
Most refunds are processed by the Income Tax Department within 20 to 45 days of the ITR’s filing date. But it’s important to understand that this is only a rough approximate day, and the actual timeframe might change depending on a number of variables and various reasons.
Naveen Wadhwa, DGM, Taxmann, added, “The refund is granted after the Centralized Processing Centre (CPC) processes the Income Tax return. The returns are processed automatically by CPC to verify the correctness of arithmetical calculations, deductions claimed, etc. The maximum time limit to process the ITR and send an intimation by CPC is 9 months from the end of the financial year in which the return is furnished. However, generally, the returns are processed earlier than these time limits, and refunds are issued if no complexities are involved in the ITR.”
The I-T Department’s promise of quicker refund processing is thankfully supported by reports that a number of taxpayers received their tax returns within a week this year.
Reliability of Information
Errors or inaccuracies in the information provided while filing the ITR are one of the main causes of delayed refunds. The sources also added that “To expedite the refund process, ensure that all the details in your tax return, such as PAN, bank account number, address, and income details, are accurate and up to date. Any inaccuracies can lead to additional verification and extend the refund timeline.”
ITR Refund Method
Direct credit to a bank account or the issuance of a refund cheque are the two refund options provided by the Income Tax Department. The direct credit technique is more swift and safe. The reimbursement sum will be credited directly to your account if you gave accurate information about your bank account. On the other side, if you choose a refund cheque technique then it can take longer because the check will be physically delivered.
Linking of E-Verification and Aadhaar
It is very important and crucial to e-verify your ITR as soon as possible to prevent delays in the refund procedure. E-verification can be carried out in a number of ways, including through online banking or the use of an OTP. Additionally, in order to file an ITR, you must link your PAN and Aadhaar cards. If you haven’t done this already, it could result in a delayed refund and other concerns with compliance.
Refund Tracking Status (ITR Refund Status)
You can easily track your income track refund by visiting the official website https://www.incometax.gov.in/iec/foportal/. You simply need to add the necessary details and you can easily check the status of your refund.