Income Tax Refund: Taxpayers often ask the question that how many days after filing the Income Tax Return do we get the Income Tax Refund? After filing the ITR, most of the taxpayers eagerly wait for their tax refund.
Income Tax Refund : Taxpayers often ask the question that how many days after filing the Income Tax Return do we get the Income Tax Refund? After filing the ITR, most of the taxpayers eagerly wait for their tax refund. Here we are telling you in how many days the return reaches the bank account of the taxpayers.
Returns have to be filed by 31 July
The deadline to file Income Tax Returns (ITR) for the financial year 2023-24 (Assessment Year 2024-25) is 31st July 2024. Even when the ITR is filed by the deadline, it is important to check 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 processed successfully
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 you have to visit 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 you have to 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 select 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 ITI.
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 individuals and HUF.
Step 6: In the next step, you will have to select the type of ITR and the reason. Here you will have to select options like taxable income more than basic exemption, fulfilling specific criteria. Here you will 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 have to give details of income, tax and exemption deduction. After this you have to confirm to file your return. After giving the details, if any tax remains then it has to be paid.
These documents will be required to file ITR online
- PAN and Aadhaar Card
- bank statement
- Form 16
- donation slip
- Investment, insurance policy payment receipts and home loan payment certificates or receipts.
- Interest Certificate
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