Income tax refund: This time around, the deadline for submitting Income Tax Returns (ITRs) for the 2023–24 fiscal year (AY 2024–25) was July 31, 2024. In the meantime, millions of taxpayers have filed ITRs and are awaiting their Income tax refund. Not a single person who submitted a return has yet to receive their money. Allow us to inform you that the type of ITR form determines the refund that the Income Tax Department issues. The time it takes to receive a refund varies because of this. This explains why you must have seen that whilst some people receive their refunds in a matter of hours, others need weeks to receive them.
Three to four months pass
Numerous factors affect how quickly the Income Tax Return (ITR) is processed. It’s
important which ITR form you have filled out and how complex your return is. According to CA Ashish Mishra, ‘It can take a lot of time for the Income Tax Department to process any one return. It can also take three to four months. But in some cases, the return gets processed on the same day or within a month. In some cases, this period can range from six months to a year. How much time it will take depends on the way the Income Tax Department works.’
What is the duration required?
Those whose sole source of income is a wage or who own a single residence and whose total income does not exceed Rs 50 lakh are eligible to file an ITR-1 form. Prior data indicates that returns made via the ITR-1 form are typically processed in 10 days and refunded in 15 days. For such taxpayers, the ITR-2 form is required, which contains more specific information and the profit from the sale of shares (capital gain). Processing this form typically takes 20 to 45 days. It also takes longer to check because it has more information. For these individuals and Hindu Undivided Families (HUF) whose income comes from any kind of company or occupation, the ITR-3 form is used. The ITR-3 variant typically requires more time to process. Its processing takes about 30 to 60 days, it contains much such information which is very complicated.
How to check the status of your ITR refund
>> Use the e-filing site and follow these instructions to find out the status of your tax refund.
>> Start by visiting the e-filing portal’s homepage.
>> Enter your password and user ID to log in.
>> Navigate to the Income Tax Return section of the e-file tab and click on View Filed Return here.
>> Click View Details after verifying the assessment year’s reimbursement.
>> The lifespan of the ITR you filed is also visible here.
Details on the status of your refund Refund Issued
- This occurs when the money has been transferred back into your bank account.
- Partially Adjusted: This occurs when only a portion of the refund has been changed.
- Full Refund Adjusted: This occurs when the total amount of the refund has been changed.
- Refund Failure: When there isn’t a refund processed
Read More: These banks are giving cheap loans and a higher interest rate on FD
|
|
  Facebook Page |
         Click Here |
|  Twitter       |
          Click Here |
| Â Instagram |
         Click Here |
