Income tax return – After filing income tax return, people wait the most for refund. In such a situation, today we are going to tell you some important things related to getting refund in this news. It would be beneficial for you to know…
After filing income tax return, the maximum wait is for its refund. The time for filing returns for the financial year 2022-23 is going on. But, how long is the wait for a refund? After how many days the tax refund (ITR Refund) is processed? How to know what happened to my refund after filing return?
All these questions often dominate the hearts and minds of taxpayers. Today we will give you the correct answer that in how many days the refund is processed as soon as the return is filed. This has been told by the chairman of CBDT himself.
Information about whether refund will come or not –
The last date for filing ITR is 31 July 2023. After processing the return (ITR Processing), the tax department feels that your claim is correct, then its information is sent to you through SMS and email. In this message, the department will tell how much amount will come in your account as refund amount. Also he will send a refund sequence number. This information is sent under section 143 (1) (Income tax notice) of the Income Tax Act.
SBI processes refund directly to bank account-
State Bank of India (SBI) processes the refund. The refund is directly credited to the taxpayer’s account or a check or demand draft is sent to his address. Therefore, it should be ensured that the bank details are given correctly while filing ITR. The refund amount comes to this account. If there is a mismatch in the bank account details, there may be a delay in getting the refund. That’s why you should check your details beforehand.
In how many days does ITR Refund come?
The e-filing process of income tax return has become much faster than before. This is the reason that if the return is filed at the right time, then the refund comes very fast. According to Nitin Gupta, chairman of the Central Board of Direct Taxes (CBDT), like income tax returns, the process of refund has also increased. Refunds were issued within the first 30 days of filing the last financial year returns. With the use of technology, the work of income tax return has been accelerated.
Refund will come in 16 days –
According to the CBDT chairman, the average time taken for tax refund in the financial year 2022-23 has come down to 16 days, which was 26 days in 2021-22. There has been a good speed in terms of completing the process within a day of filing ITR. This has increased from 21 per cent in the assessment year 2021-22 to 42 per cent in 2022-23. Referring to the use of technology, he said that the Income Tax Department had settled the maximum number of 22.94 lakh returns in a single day on July 28, 2022. Something similar is expected to happen this year as well.
There are two ways to track income tax refund status. (Track your Income tax refund)-
1. On Income Tax e-filing website
2. On TIN NSDL website
Check tax refund status on e-Filing website-
1. First of all go to the website www.incometaxindiaefiling.gov.in.
2. Log-in to your account by entering details like PAN, password and captcha code.
3. Click on ‘Review Returns/Forms’.
4. Select ‘Income tax returns’ from the drop down menu. Select the assessment year for which you want to check income tax refund status.
5. Click on your acknowledgment number ie hyperlink.
6. A pop-up will appear on your screen showing the timeline of return filing. Such as when your ITR was filed and verified, date of completion of processing, date of issue of refund, etc.
7. Apart from this, it will also show the assessment year, status, reason for failure and mode of payment.
Check on TIN NSDL website-
You can also check the status of income tax refund on TIN NSDL website. The refund status appears on the website after 10 days from the date of sending the refund. Here’s how you can check income tax refund status:
1. First go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
2. Fill your PAN details.
3. Select the assessment year for which you want to check the refund status.
4. Enter the Captcha code and click on submit. A message will appear on your screen based on the status of your refund.
