How Long Does It Take to Get a Tax Refund & When is It Applicable?
Filing an Income Tax Return (ITR) is an essential task for every individual who earns an income. It is mandatory for taxpayers to file their ITR by the due date, which is July 31st for individuals and September 30th for businesses. After filing the ITR, taxpayers are eagerly waiting to receive their tax refund. But have you ever wondered how long it takes to get a tax refund and when is it applicable?
When is a Tax Refund Applicable?
A tax refund is applicable when the tax amount paid is more than the total tax liability based on one’s income in the financial year 2024-2025. This means that if you have paid more tax than required, you are eligible for a refund. The excess amount paid is the refund amount, which will be credited back to your bank account.
How Long Does it Take to Get a Tax Refund?
After e-verification is completed, the IT department takes about four to five weeks to process the refund. Yes, you heard that right! After you have e-verified your ITR, it takes the IT department around 30-40 days to process the refund.
E-Verification: The Key to Faster Refunds
E-verification is a process where you electronically verify your ITR by providing your PAN (Permanent Account Number) and Aadhaar number. This process ensures that the IT department can quickly verify your details and process your refund. Without e-verification, your refund may take longer to process or even get rejected.
How to E-Verify Your ITR?
To e-verify your ITR, follow these simple steps:
- Log in to the income tax e-filing portal using your username and password.
- Select the ITR you want to e-verify from the “View Returns/Forms” option.
- Click on the “E-Verify” button.
- Enter your PAN, Aadhaar number, and other required details.
- Click on the “Submit” button to complete the e-verification process.
Tips to Ensure Faster Refunds
To ensure faster refunds, follow these tips:
- File your ITR correctly: Make sure you have filed your ITR correctly, without any errors or discrepancies.
- E-verify your ITR: E-verify your ITR as soon as possible to avoid delays.
- Provide accurate bank account details: Ensure that your bank account details are accurate and up-to-date to receive the refund.
- Check your refund status: Regularly check your refund status on the income tax e-filing portal to track the processing of your refund.
Conclusion
In conclusion, a tax refund is applicable when the tax amount paid is more than the total tax liability based on one’s income. After e-verification, the IT department takes around four to five weeks to process the refund. To ensure faster refunds, it is essential to file your ITR correctly, e-verify your ITR, provide accurate bank account details, and regularly check your refund status.
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