New Delhi: The ITR Filing 2024 deadline falls on July 31, 2024. Failing to file ITR by the last date may result in a penalty and an interest being charged on each month of delay. However, those taxpayers who have already filed their ITR will be waiting for their refund.
This is because ITR, the short form of Income Tax Return, provisions for the refund of any extra amount deducted as taxes. ITR refunds usually take 4-5 weeks, all things remaining constant. Taxpayers must verify their ITR in 30 days to ensure that their refund is processed. Earlier, tax refunds took 3-6 months. However, with the strict enforcement of the July 31 deadline and automation of tax assessment services, this timeline has been slashed significantly.
How to check refund status
Visit the ITR filing official website
Log in with your registered credentials
Click on the e-file tab
Select Income Tax Returns, then select View filed returns
You will be able to see the lifecycle of the ITR filed
If the refund is issued you will be able to see the mode of refund with the date along with refund amount, and date of clearance
If the refund is partially adjusted, this will be shown in the lifecycle, along with mode of payment, refund amount and clearance date
If your refund has failed, the page will show the date of failure, reason, and date of communication for the same.
Refund failed due to inoperative PAN
Taxpayers must take note that their refund processing may fail if their PAN is inoperative. The message on the tax filing portal will show that PAN has been rendered inoperative since it was not linked with Aadhaar under section 234H of the
I-T Act.
Your refund may also fail if:
Your bank account is not pre-validated
If your name in the bank account does not match your PAN Card
If the ISFC Code shared is invalid
If the bank account declared in ITR is closed
ITR Filing 2024: FIled your Income Tax Return already? Know when you will receive your income tax refund. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
