After how many days of filing ITR, refund is available?
ITR Filling: The deadline for filing income tax returns is now very close. You can file your ITR without any penalty till July 31, 2024. Currently, the last date to file income tax return for financial year 2023-24 and assessment year 2024-25 is 31st of this month. There is no possibility of its increase, because last time the government had not extended the date.
According to the news of Live Mint, it is necessary to file ITR on time for tax refund. You can file ITR online from the comfort of your home from the Income Tax Department website www.incometax.gov.in. After submitting the ITR form, it is necessary to go through the e-verification process to authenticate your return. You can do e-verification through OTP from your Aadhaar or net banking credentials. After e-verification, the Income Tax Department will evaluate your return. If everything is fine then the department will send you verification and if any refund is made then notification will be sent to you.
How to get tax refund online
If the notice mentions tax refund, the department will start the process of transferring the money to your bank account. This process usually takes four to five weeks. You can check the status of refund on the website of the department.
These two important things for income tax refund
Pre-Validated Bank Account: The department transfers refunds only to those bank accounts which are already validated. This means that the bank account details linked to your PAN (like account number and IFSC code) should be verified on the Income Tax e-filing portal before the refund process.
Bank account information is correct: While filing your ITR, fill the correct details of the bank account in which you want to receive the refund. Errors in bank account comparison may cause delays in refunds.
What to do if refund is not received
If the refund is not received on time, the taxpayer should…
Review Errors in ITR: Notification from the Income Tax Department may indicate any mistakes or miscalculations in your filed ITR. You can view the notification through e-filing portal.
Keep checking emails: The department may send emails providing updates on the status of your refund. These notifications may alert you to delays in processing or ask for additional information if needed.
Use the online refund status tracker: The Income Tax Department website provides a tool to check the status of your refund. By entering your PAN and assessment year details, you can track the progress report and identify any specific reasons for delay.
If this still doesn’t solve the problem, contact the Central Processing Center (CPC). There are different helplines for inquiries about the status of your refund. You can use the e-filing portal to file a complaint related to your tax return or refund.
