Income Tax Refund: The deadline to file income tax returns is over and the taxpayers are now waiting for their refund after filing their ITR. The due date for filing Income Tax Returns was on July 31, 2024 and the taxpayers who have successfully filed their ITRs by the deadline can expect the refund to be deposited into their bank accounts shortly.
However, at this time, it is important to note that the Income Tax Department has outlined that the processing of ITR refunds commences only after the taxpayer electronically verifies the return. ideally, it takes approximately 4-5 weeks for the refund amount to reflect in the taxpayer's account.
Income Tax Refund: Key points to note
- It is important e-verify the ITR filing for the processing of the Income Tax Return refund.
- The processing time to get the refund can vary depending on various factors such as the type of form chosen, the complexity of the ITR, the deductions/exemptions claimed, and whether these claims are supported by the information provided in Form 16.
- Moreover, the ITR refund process may experience delays due to the necessity of additional information requested by the Income Tax Department.
- While submitting the tax documents, it is imperative to verify the accuracy of the provided bank account number.
- Form 26AS is also another important document that serves to consolidate all the taxes associated with your PAN number, including payments made and deductions at source. Any discrepancies in this document can delay your tax refund.
Income Tax Refund: How to check refund status with PAN details
- First log in to the official portal of the income tax department
- On the home page, sign in to your account by providing your credentials such as password, PAN, and captcha code.
- On the new page, locate and access the 'My Account' section.
- In the 'My Account' section, click on the "Refund/Demand Status" button to view the status of your income tax refund.
