For the fiscal year 2022–2023, the Income Tax Return (ITR) deadline was July 31. Taxpayers who have previously submitted their ITRs are currently awaiting their refunds. This time, approximately 5.63 crore ITRs were confirmed, and more than 6.77 crore income tax returns were submitted. The ITR refund is typically given out between 7 to 120 days after the day the return was filed, in accordance with Income Tax regulations. Additionally, thanks to technological advancements, refund processing times have been shorter on average. Check to verify if you’ve e-verified your ITR if you haven’t gotten your tax refund yet.
If you did not electronically validate your income tax return, the filing is deemed invalid and your ITR is rendered null. return processing times vary depending on a number of variables, including the tax authorities’ processing times, the veracity of the information submitted, and the kind of return selected. Refunds are typically processed by the Income Tax Department between 7 to 120 days after the ITR filing date. It is only a rough estimate, and the exact time may change depending on a number of other circumstances.
Errors or inaccuracies in the information given while completing the ITR are another cause of the delayed reimbursements.
The processing time could be slowed down at tax season’s peak or when there is an exceptionally high volume of tax returns. Every time, this happens rather frequently, therefore taxpayers are urged to have patience.
By rapidly e-verifying ITR, taxpayers can prevent delays in the refund procedure. E-verification can be carried out via a variety of techniques, including online banking or a one-time password (OTP). Additionally, in order to file an ITR, you must link your Aadhaar card to your PAN.
Check the Status of an Income Tax Refund Online:-
1- First, go to https://www.incometax.gov.in/iec/foportal/ on the Income Tax India website.
2- Next, use your registered USER ID (PAN number), password, and captcha code to log in to the portal.
Find the phrase “View Returns / Forms” on the homepage.
4- Next, from the drop-down list, select “Income Tax Returns” by clicking the “Select An Option” option.
5- Next, you must input the assessment year and press the “Submit” button.
6- Click on the ITR acknowledgment number to examine the status of the ITR refund and get further information.
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Bahot acha Sir
Thank you 🙏 Sir for providing us this information. Usually We are not aware of all these technicalities.
Thank you for your guidance.