Income Tax Refund Status
With recent updates to the income tax system, processing tax returns (ITR) has become faster. Some people even received their refunds within 24 hours of filing. The deadline for filing ITR for the financial year 2023-24 was July 31, 2024. Despite calls for an extension, the Finance Ministry reported that 7.28 crore ITRs were filed by the deadline, a 7.5% increase from last year. Interestingly, those who filed close to the deadline received their refunds quickly, while some who filed earlier are still waiting.
Reasons for Delay
If you filed your ITR on time but haven’t received your refund yet, don’t worry. Many people are facing similar delays. Here are some reasons why your refund might be stuck:
- Form Type: Simple forms like ITR-1 or ITR-4 are processed quickly, while ITR-2 or ITR-3 may take longer.
- High Refund Amount: If you requested a large refund, the department will carefully check your details, causing delays.
- Incorrect Information: Mistakes in your tax return can lead to delays as the department may ask you to make corrections.
- Wrong Bank Details: Errors in your bank account number, IFSC code, or account holder name can delay your refund.
- Unverified Bank Account: If your bank account was not verified on the e-filing portal, it can delay the refund.
- Incomplete KYC: If your KYC (Know Your Customer) details are not complete, you won’t receive the refund.
- Incorrect Account Type: Errors in selecting the type of account can also delay your refund.
How Long for Refund After ITR Processing?
In recent years, the income tax system has become quicker. After your ITR is processed, it usually takes 2 to 3 days to receive your refund. If you don’t receive it within this time, check your ITR Intimation Message. Keep an eye on your email for any notifications from the tax department about your refund status.
