Income Tax Refund: Have you filed an Income Tax Return (ITR) and are waiting for a refund then you may have to wait a little longer.
The Income Tax Department takes time to verify your ITR, after which the refund is issued. Let us know how much time it takes for which ITR and how to check the refund status.
Refund time is different in ITR-1, ITR-2 and ITR-3
Income tax returns are filed in three main forms – ITR-1, ITR-2, and ITR-3. Of these, ITR-1 is the simplest form, in which most salaried persons file their returns. ITR-2 and ITR-3 have more information to give, so their verification takes time.
ITR-1: An early guest
If you have filed ITR-1 based only on Form 16, then your refund may come soon. Usually, your money can come to your account within 10 to 15 days.
ITR-2: A little wait
ITR-2 contains details like capital gains, due to which the Income Tax Department has to do more investigation. Therefore, it may take 20 to 45 days for the refund to come.
ITR-3: The longest wait
ITR-3 is the most complex form, which contains details of business income. Due to this, it may take 30 to 60 days or even more for the refund to come.
How to check the status of an income tax refund
Follow these important steps to check the current status of your income tax refund
Go to the Income Tax e-filing portal.
Login by entering your user ID and password.
Go to the ‘e-File’ tab and select ‘Income Tax Return’.
Click on ‘View Filed Returns’.
Select the assessment current year for which you want to check the latest refund.
Click on ‘View Details’.
Here you can see the latest status of the refund.
What can be the reasons for the delay in refund
Need for additional information: If the Income Tax Department needs some more information then the refund may get delayed.
Scrutiny: If your case goes for scrutiny then the refund may take a long time. Be patient and follow the instructions of the Income Tax Department. If you are facing any problems then you can contact the Income Tax Helpline number.