Income Tax Refund: Have you also filed an Income Tax Return (ITR) and are now waiting for a refund, then this information is important for you. Many times, despite filling out the tax return correctly, the refund gets delayed. Let us know when your income tax refund can come.
How long does an income tax refund take
How long it will take to get your income tax refund depends on several factors
Type of ITR: Whether you have filed ITR-1, ITR-2, or ITR-3, it affects the time to get the refund.
Complexity of return: If your return contains more information and calculations, then the verification may take some time.
E-verification: It is necessary to e-verify the return. Without e-verification, the refund process does not start.
Difference between refunds of ITR-1, ITR-2 and ITR-3
ITR-1: If your tax return is based only on salary income, then you must have filed ITR-1. In such cases, the refund is likely to come quickly, usually within 15 days.
ITR-2: This form contains information about business income, capital gains, etc., so its scrutiny is a little more. In such a case, it may take 20 to 45 days to get the refund.
ITR-3: This form contains more details of business income, so it takes time to check it. In such a situation, it may take up to a month for the refund to come.
Delay in the income tax refund
Not doing e-verification: The most common reason is not doing e-verification of the return. Without e-verification, the Income Tax Department does not process your return.
Wrong or incomplete information: If you have made a mistake while filing the return or have left out important information, then the refund may get delayed.
Scrutiny: In some cases, the Income Tax Department scrutinizes the return, which may take time in refund processing.
Incorrect bank account details: If you have entered the bank account number or IFSC code incorrectly, the refund will not be transferred.
How to check the refund status
You can check your refund status by visiting the Income Tax e-filing portal. If the refund is delayed and you have any problem, you can contact the Income Tax Department.
Important key for refund
Fill in the correct information: Fill in all the information correctly while filling out the return. Wrong information may delay the refund or you may get a notice.
Last date for income tax return: The last date for income tax return was 31 July. If you have filed the return late, you may have to pay a penalty and interest.
Keep documents safe: Keep all your tax-related documents safe for at least three years. These may be needed.
Do e-verification: After filing the return, do e-verification immediately. This will enable the refund process to start quickly.