Income Tax: Many taxpayers have this question in their mind that after filing the return, in how many days the refund gets processed. In such a situation, let us tell you that the e-filing process of Income Tax return has become much faster than before. This is the reason that if the return is filed on time, then the refund comes very fast…
Khabar TV (Bureau) – Income tax refund is awaited the most. The deadline for filing returns for the financial year 2023-24 has ended. But, how long is the wait for the refund? After how many days is the tax refund (ITR Refund) processed? How will we know what happened to our refund after filing the return?
All these questions often dominate the minds of taxpayers. Today we will give you the correct answer as to how many days it takes for the refund to be processed after filing the return.
Information about whether the refund will come or not-
After processing the ITR i.e. return, if the tax department feels that your claim is correct then its information is sent to you through SMS and email.
In this message, the department will tell you how much amount will come in your account as refund. Along with this, it will also send a refund sequence number. This information is sent under section 143 (1) (Income tax notice) of the Income Tax Act.
SBI processes the refund directly into the bank account-
SBI (State Bank of India) processes the refund. The refund is directly credited to the taxpayer’s account or a cheque or demand draft is sent to his address.
Therefore, one should ensure that the correct bank details are given while filing ITR. The refund amount comes in this account. If the bank account details are mismatched, then there may be a delay in getting the refund. Therefore, one should check his details beforehand.
In how many days does ITR Refund come?
The e-filing process of income tax return has become much faster than before. This is the reason that if the return is filed on time, the refund comes very quickly.
In the last financial year, refunds were issued within the first 30 days of filing the return. The work of income tax return has become faster with the use of technology.
Refund will come in 16 days-
According to the CBDT, the average time taken for tax refund in the financial year 2022-23 was 16 days, which was 26 days in 2021-22. It has increased further in 2023-24, but proper scrutiny of returns is a priority, due to which there is some delay.
There are two ways to track income tax refund status. (Track your Income tax refund)-
- On the Income Tax e-filing website
- On the Tin NSDL website
Check tax refund status on e-Filing website-
- First of all go to the website www.incometaxindiaefiling.gov.in.
- Login to your account by entering details like PAN, password and captcha code.
- Click on ‘Review Returns/Forms’.
- Select ‘Income tax returns’ from the drop down menu. Select the assessment year for which you want to check the income tax refund status.
- Click on your acknowledgement number i.e. hyperlink.
- A pop-up will appear on your screen which will show the timeline of return filing like when your ITR was filed and verified, processing completion date, refund issue date etc.
- Apart from this, it will also show the assessment year, status, reason for failure and mode of payment.
Check on Tin NSDL website-
You can also check the status of income tax refund on the TIN NSDL website. The refund status appears on the website 10 days after the refund is sent. Here is how you can check the status of income tax refund:
- First of all go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
- Fill in your PAN details.
- Select the assessment year for which you want to check the refund status.
- Enter the Captcha code and click on submit. A message will appear on your screen based on the status of your refund.