How Long Does it Take to Get a Tax Refund & When is it Applicable?
As the deadline for filing Income Tax Returns (ITRs) approaches, taxpayers are eagerly waiting to know when they can expect their tax refunds. In this blog post, we will explore the criteria for getting a tax refund, the process of e-verification, and how long it takes for the Income Tax Department to process the refund.
When is a Tax Refund Applicable?
A tax refund is applicable when the tax amount paid by the taxpayer is more than the total tax liability based on their income in the financial year 2024-2025. In other words, if the taxpayer has paid excess taxes, they are eligible for a refund.
The Process of E-Verification
To receive refunds, taxpayers must e-verify their ITRs. E-verification is an online process that ensures the authenticity of the taxpayer’s identity and prevents any fraudulent activities. Taxpayers can e-verify their ITRs through various means, including:
- Aadhaar OTP
- Mobile OTP
- Bank Account Verification
- Demat Account Verification
Once the e-verification process is completed, the taxpayer’s ITR becomes valid, and they can expect their refund to be processed.
How Long Does it Take for the IT Department to Process the Refund?
After e-verification is completed, the Income Tax Department takes about four to five weeks to process the refund. This timeline is applicable for most cases, but it may vary depending on the complexity of the case and the volume of refund claims.
According to a recent report by NDTV Profit, the Income Tax Department has set a target of processing 1.5 crore (15 million) refunds by the end of this financial year. To achieve this target, the department has implemented various measures, including the use of artificial intelligence and machine learning to speed up the processing of refunds.
Tips for Taxpayers to Ensure Faster Refund Processing
To ensure faster refund processing, taxpayers can follow these tips:
- E-verify their ITRs as soon as possible to avoid delays.
- Ensure that all required documents are uploaded correctly and are in the correct format.
- Provide accurate and complete information in the ITR.
- Avoid making mistakes in the calculation of tax liability.
- Keep a track of the refund status through the Income Tax Department’s website or mobile app.
Conclusion
In conclusion, a tax refund is applicable when the tax amount paid by the taxpayer is more than the total tax liability based on their income in the financial year 2024-2025. To receive refunds, taxpayers must e-verify their ITRs, which can be done through various means. After e-verification is completed, the Income Tax Department takes about four to five weeks to process the refund. By following the tips mentioned above, taxpayers can ensure faster refund processing and receive their refund amount sooner.
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