How long does it take to get a tax refund & when is it applicable?

How Long Does it Take to Get a Tax Refund & When is it Applicable?

As the deadline for filing Income Tax Return (ITR) for the financial year 2024-2025 approaches, taxpayers are eagerly waiting to receive their tax refunds. A tax refund is applicable when the tax amount paid is more than the total tax liability based on one’s income. To receive refunds, taxpayers must e-verify their ITRs. But have you ever wondered how long it takes to get a tax refund? In this blog post, we will explore the timeline and the necessary steps to receive your tax refund.

The Process of Tax Refund

The process of tax refund starts after you e-verify your ITR. After successful e-verification, the Income Tax Department (ITD) takes around four to five weeks to process the refund. The refund is then credited to the taxpayer’s bank account. The entire process is transparent and can be tracked online.

Factors Affecting Tax Refund Timeline

There are a few factors that can delay the tax refund process. These include:

1. Incorrect or incomplete information: If the information provided in the ITR is incorrect or incomplete, it may lead to a delay in the processing of the refund.
2. Non-verification of ITR: If the ITR is not e-verified, it may take longer to process the refund.
3. Processing of refund: The ITD may take some time to process the refund, especially during peak seasons.
4. Bank account details: If the bank account details provided in the ITR are incorrect, it may delay the refund.

How to Check the Status of Your Refund

You can track the status of your refund online by visiting the ITD’s official website. Follow these steps:

1. Log in to the ITD’s website using your username and password.
2. Click on the “Refund” tab.
3. Enter your PAN (Permanent Account Number) and assessment year.
4. Click on the “Submit” button.
5. The status of your refund will be displayed on the screen.

Tips to Get Your Tax Refund Faster

Here are a few tips to help you get your tax refund faster:

1. E-verify your ITR: E-verification is an essential step in the tax refund process. It helps the ITD to quickly process your refund.
2. Provide accurate information: Ensure that the information provided in the ITR is accurate and complete.
3. Choose the right bank account: Choose a bank account that is easy to access and has a low minimum balance requirement.
4. Track your refund: Track the status of your refund online to avoid any delays.

Conclusion

A tax refund is a welcome relief for taxpayers who have paid more tax than their actual liability. To receive a tax refund, taxpayers must e-verify their ITRs. After e-verification is completed, the IT department takes about four to five weeks to process the refund. By following the tips mentioned in this blog post, you can ensure that your tax refund is processed quickly and efficiently.

News Source:
https://www.ndtvprofit.com/amp/personal-finance/filing-itr-this-month-heres-how-long-the-refund-will-take