How Long Does It Take to Get a Tax Refund & When Is It Applicable?
The wait for a tax refund can be a thrilling experience, especially after a long and tedious process of filing your Income Tax Return (ITR). The good news is that tax refunds are applicable when the tax amount paid is more than the total tax liability based on your income in the financial year 2024-2025. However, to receive refunds, taxpayers must e-verify their ITRs. But how long does it take for the IT department to process the refund after e-verification is completed? In this blog post, we will delve into the details of tax refunds, including when they are applicable and how long it takes to receive them.
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. This means that if you have paid more tax than what you are actually liable to pay, you are eligible for a refund. The tax refund is essentially a return of excess taxes paid by the taxpayer.
In India, the Income Tax Department follows a system of self-assessment, where taxpayers are required to file their returns and pay taxes accordingly. If the taxpayer has paid more taxes than what they are liable to pay, they are eligible for a refund.
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. This is a general timeframe, and the actual processing time may vary depending on various factors, such as the complexity of the case, the workload of the IT department, and the speed of the taxpayer’s response to any queries or requests from the IT department.
It is essential to note that the IT department will not process the refund unless the ITR is e-verified. E-verification is a process that requires the taxpayer to authenticate their ITR using an electronic verification code (EVC) or Aadhaar OTP. This is an additional layer of security to prevent fraudulent activities and ensure that only genuine taxpayers receive refunds.
Steps to E-Verify Your ITR
To e-verify your ITR, follow these steps:
- Log in to your account on the Income Tax Department’s website (www.incometaxindiaefiling.gov.in).
- Select the relevant assessment year and ITR form.
- Click on the “E-Verify” button.
- Choose the e-verification method (Aadhaar OTP or EVC).
- Enter the required details and submit the request.
Once you have e-verified your ITR, the IT department will process your refund, and you can expect to receive it within four to five weeks.
Conclusion
A tax refund is a welcome relief for taxpayers who have paid more taxes than what they are liable to pay. To receive a refund, taxpayers must e-verify their ITRs, which is a simple and secure process. After e-verification is completed, the IT department takes about four to five weeks to process the refund. By understanding the process and timeframe for tax refunds, taxpayers can plan their finances accordingly and enjoy a smoother experience.
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