New Delhi: The taxpayers who filed an Income Tax Return (ITR) are these days waiting for a refund. Some people have received their refunds, but many are still waiting for the Income Tax department to refund their extra money if any. On an average it takes around 10 days to get the refund, however, this year it is getting delayed for many people. In this article, we inform you about how the refund process works and who gets the refund first.
Recently, Union Finance Minister Nirmala Sitharaman gave a big update on the Income Tax Refund process. The minister said that the time taken to process income tax refunds has reduced rapidly in the last 10 years. In 2013-14, it took an average of 93 days to process income tax returns and issue refunds, now it takes around 10 days, Sitharaman informed the Parliament. However, she went on to add that it is not possible to process all ITR refunds in 10 days as several ITR forms do have several issues and complications, which results in higher time taking process.
Notably, The Income Tax Department website mentions that it takes 4-5 weeks for the refund to be credited into the account of beneficiaries.
In regards to complications in the ITR, ITR-2 is considered to be more difficult than ITR-1 and ITR-3 is a bit more complicated than ITR-2. These circumstances increases the ITR processing time.
Another reason for refund delay is that several taxpayers filed their ITR on or very close to the last date. There are chances that it may take up to a few months for beneficiaries to receive refunds of ITR-2 and ITR-3.
Income Tax refund process: Step-by-step guide
Visit the e-Filing portal homepage – https://www.incometax.gov.in/
Enter the user ID and password
Taxpayers should take note that if their PAN is not linked with the Aadhaar, a pop-up message reading that your PAN is made inoperative as it is not linked with your Aadhaar will appear.
Link PAN with Aadhaar by clicking on Link Now button else click Continue
Go to e-File tab > Income Tax Returns > View Filed Returns
Next step will be to check the refund status for the desired Assessment year
The user needs to click on View Details and also also check the life cycle of filed ITR.
Union Finance Minister Nirmala Sitharaman recently said that the average time taken to process Income Tax Return (ITR) has decreased from 93 days in 2013-14 to 10 days at present. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
