Taxpayers frequently inquire about the duration it takes to receive their income tax refund after submitting their Income Tax Return (ITR). The period following the filing of the ITR is usually filled with eager anticipation for the tax refund.
Income Tax Refund: A common question among taxpayers is how long it takes to get an income tax refund after filing their Income Tax Return (ITR). Following the submission of the ITR, most taxpayers are eagerly anticipating their tax refund. Here, we will outline the typical time frame for the refund to be deposited into their bank accounts.
Returns have to be filed by July 31
The deadline for filing income tax returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. Even when the ITR is filed by the deadline, it is important to see whether the Income Tax Department processes it or not. If the ITR is not processed successfully, the income tax refund will not be credited to the bank account of the ITR filer.
It takes time for ITR to be successfully processed
Tax experts suggest that generally, processing of income tax returns takes an average of 15-45 days from the date of e-verification of ITR. If offline verification (ITR-V form) is used, the time limit increases.
How to file income tax return online?
To file ITR online, first of all you have to go to the official website of Income Tax. You have to go to the Income Tax website https://www.incometax.gov.in/iec/foportal/.
Step 1: Open the Income Tax e-filing website https://www.incometax.gov.in/iec/foportal/ and login by entering your PAN number and password.
Step 2: After this, click on File Income Tax Return.
Step 3: In the next step you have to select the assessment year. If you are filing ITR for the financial year 2023-24, then you have to choose Assessment Year (AY) 2024-25.
Step 4: After this you have to tell who you are. That is, Individual, HUF and other options will be available. You can click on ‘Individual’ for your ITR.
Step 5: After this you have to choose the type of ITR. There are 7 types of ITR in India. ITR forms number 1 to 4 are for Individual and HUF.
Step 6: In the next step you have to choose the type and reason of ITR. Here you have to choose options like taxable income more than basic exemption, specific criteria have to be fulfilled. Here you have to click on the checkbox given below.
Step 7: Pre-field information has to be updated. Here you have to validate PAN, Aadhaar, name, date of birth, contact information and bank details. Here you will have to give details of income, tax and exemption deduction. After this you will have to confirm to file your return. After giving the details, if any tax remains then it will have to be paid.
These documents will be required to file ITR online
- PAN and Aadhar Card
- Bank Statement
- Form 16
- Donation Slip
- Investment, Insurance Policy Payment Receipts and Home Loan Payment Certificate or Receipt.
- Interest Certificate
