Income Tax Refund: The deadline for filing income tax returns has passed and taxpayers are now waiting for their refund after filing their ITR. The deadline for filing income tax returns was July 31, 2024 and taxpayers who have successfully filed their ITRs before the deadline can expect the refund to be deposited in their bank accounts shortly.
However, at this time, it is important to note that the Income Tax Department has indicated that the processing of ITR refunds begins only after the taxpayer e-verifies the return. Ideally, it takes approximately 4 to 5 weeks for the refund amount to reflect in the taxpayer’s account.
Income tax refund: key points to consider
- It is important to electronically verify the filing of the ITR for processing the income tax return refund.
- The processing time for obtaining a refund may vary depending on several factors, such as the type of form chosen, the complexity of the ITR, the deductions/exemptions claimed, and whether these claims are supported by the information provided on Form 16.
- In addition, the ITR refund process may experience delays due to the need for additional information requested by the Income Tax Department.
- When submitting tax documents, it is essential to verify the accuracy of the bank account number provided.
- Form 26AS is another important document that serves to consolidate all the taxes associated with your PAN number, including payments made and deductions at source. Any discrepancy in this document can delay your tax refund.
Income tax refund: how to check the status of the refund using PAN data
- First log in to the official portal of the income tax department
- On the home page, log in to your account by providing your credentials like password, PAN and captcha code.
- On the new page, locate and access the ‘My Account’ section.
- In the “My Account” section, click the “Refund/Claim Status” button to view the status of your income tax refund.
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