Income Tax Refund: Most of the taxpayers who file income tax return wait for refund money only after verifying their return. Earlier this work used to take up to 45 days. Now the Income Tax Department has made processing very easy with the use of technology and refund money is received very quickly.
New Delhi. The filing of Income Tax Return has started on the earnings of the year 2022-23. Till now more than 2 crore taxpayers have filed their returns and are now waiting for refund. After filling ITR, it is necessary to validate it, only then your refund money is processed. Taxpayers often ask the question that if the return is filed and verified, then in how many days will the money be returned.
When we asked tax expert Balwant Jain for the correct information about the number of days the refund comes after filing and verification, he said that usually it takes 20 to 25 days for this work. However, the chairman of the Central Board of Direct Taxes (CBDT) claims that now the refund time has reduced considerably. We try to process the return within a few days of filing it. The intention of the government is to send the refund money within a day.
In how many days will I get the money this time
CBDT Chairman Nitin Gupta says that with the use of technology, now the process of refund has become much easier. If we talk about the last financial year, the refunds of 80 percent taxpayers were issued within 30 days. Not only this, if we look at the average of ITR refund for 2022-23, it was 16 days. That is, the refund was returned to every taxpayer within an average of 16 days. If you look at the figures, earlier in 2022-23, it used to take an average of 26 days for the refund to come back. The department had claimed to settle about 23 lakh returns in a single day on July 28, 2022. This year also the tax return money is expected to come back soon.
Sends information in advance
All the information regarding the refund is already given by the Income Tax Department. The department tells you in advance by sending a message or through email that how much is your tax liability or how much money you will get refund. Apart from this, if you want, you can also check the status of your refund by visiting the official website of the Income Tax Department. After verification, the first priority of the department is to refund the tax money. If you do not see its information in the inbox of the mail, then the mail can also be checked in the Spam folder.
What message does the department send
After the income tax return of any taxpayer is filed, the department investigates it. After processing, it seems that the claim made by you for refund is correct, then you will get its information through SMS or e-mail. The department issues a notice under section 143 (1) of the Income Tax. It contains the complete details of how much tax has been made and how much you will have to pay. In this notice, the tax deducted on your earnings and the amount received on filing the return is mentioned.
How to get refund money
You are already requested to share your bank details on the Income Tax Department website. Before filling ITR, check whether your bank details are correct or not. The Income Tax Department puts the refund money in this bank account. For this, the Income Tax Department has prepared SBI. This means that your refund money is sent by SBI. In some cases, your refund money is also sent by post through check or bank draft.
