How many days it takes to get tax refund: After filing ITR, when will I get refund?
The income tax refund is the money by the Income Tax Department when the taxpayer has paid more taxes than they actually owe, which may happen through various means such as Advance Tax, TDS (Tax Deducted at Source), TCS (Tax Collected at Source), or Self-Assessment Tax. For individuals who have filed their income tax return (ITR) and are expecting a refund, it is important to have a comprehensive understanding of the process.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Despite filing ITR successfully tax refund may not be credited into your bank account due to this issue
When the income tax department assesses a taxpayer's tax liability, they meticulously consider all applicable deductions and exemptions before arriving at the final tax calculation. This ensures a fair and accurate assessment of the taxpayer's obligations, preventing them from overpaying their taxes.
Refunds are issued only to pre-validated bank accounts through the Electronic Clearing Service (ECS), so the name in the bank account is verified with the name in PAN.
Tax refund: How long will it take to receive tax refund after filing ITR
The tax department won't begin processing of refunds until the taxpayer has e-verified the return. It typically takes four to five weeks for the taxpayer's account to be credited with the return, according to the tax department’s website.What can you do if your ITR refund is delayed?
In the event that the taxpayer does not get the refund within this timeframe, they must investigate any irregularities in their ITR and check their email for any correspondence from the IT department regarding the return. Using the procedure outlined below, the taxpayer may also monitor the status of their refund on the electronic filing.Step 1: Go to the e-Filing portal homepage.
Step 2: Enter the user ID and password.
Step 3: Go to e-File tab > Income Tax Returns > View Filed Returns.
Step 4: Now you can check the refund status for the desired Assessment year.
Click on View Details and here you can also check the life cycle of filed ITR.
Status 1: When refund is issued Status 2: When refund is partially adjustedStatus 3: When full refund adjustedStatus 4: When refund is failedThe Income Tax Department scheduled to be paid may fail to get credited to your bank account for the following reasons:
1. In case the bank account is not pre-validated. It is now compulsory to pre-validate your bank account.
2. The name mentioned in the bank account does not match with PAN card details.
3. In case of an invalid IFSC code.
4. If the account that you have mentioned in the ITR has been closed.
If your PAN is inoperative, your refund will get failed and you will see a warning message to link your PAN with the Aadhaar.
Remember that in order to receive a refund, you must e-verify your income tax return. The most recent regulations state that you have thirty days from the day you file your income tax return to e-verify your ITR.
Therefore, you will not be qualified for an ITR reimbursement if you haven't e-verified your return yet.
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This story originally appeared on: India Times - Author:Faqs of Insurances
