ITR Refund : With the update of the income tax system in recent years, the processing of tax returns has become much faster. Some people even got a refund within 24 hours of filing income tax.
The Income Tax Department has kept the last date (ITR Deadline) for filing income tax returns for the financial year 2023-24 as July 31. While many people had demanded to extend the deadline. According to the data released by the Ministry of Finance, till July 31, 2024, 7.28 crore ITRs were submitted for the assessment year 2024-25, which is 7.5 percent more than last year. Interestingly, the taxpayers who filed tax returns (ITR Filing 2024) at the last moment, their ITR refund was processed quickly (Income Tax Return Processing) and money also came into their bank account. At the same time, there are some taxpayers who had filed their tax returns long ago, but they have not received their refund yet.
It has been seen that some people got their refund within 24 hours of filing their income tax returns, but some taxpayers have to wait for more than a month. Their money is stuck for more than a month.
Why is there so much delay in getting Income Tax Refund?
If you had filed your income tax return ahead of time, but you have not yet received your income tax refund, then do not worry. Many people are facing this problem. Many of you must be wondering why your return has not been processed despite filing ITR much before the deadline. Why is there so much delay? And how long can it take for the refund to come? Here we will tell you about it in detail….
Money not received yet after filing tax
Generally, the Income Tax Department issues refund within a certain time, but sometimes there is a delay. If you have filed your tax return on time but have not received your refund yet, then do not worry, there can be a delay due to many reasons. It is important to know the reasons for the delay in getting income tax refund. This will let you know why your refund is stuck and what you should do.
Can tax refund get stuck due to these reasons?
The form you have filled also makes a difference. Simple forms like ITR-1 or ITR-4 are processed quickly, while ITR-2 or ITR-3 may take some time. If you have asked for a higher refund, then there can also be a delay, the Income Tax Department will check your information carefully. Giving wrong information can also cause problems. If you have given wrong information in the tax return, the department will ask you to correct it, which will cause delay.
Wrong bank account information: If the bank account number, IFSC code, micro code or name of the account holder is wrong, the refund may be delayed.
Bank account not verified: If you have not already verified your bank account on the e-filing portal, then also the refund may be delayed.
KYC not complete: If your KYC is not complete then you will not get the refund.
Account type wrong: If you have filled the account number wrong, then also there may be a problem in the refund.
How long does it take for the refund to come after receiving the ITR processed message?
With the update of the income tax system in recent years, the processing of tax returns (ITR Processing) has become much faster. Many people who have filed their income tax returns and whose ITR has been processed by the department are now waiting for their refund. You too might be wondering how long it will take for the refund to come.
Let us tell you that in most cases, it takes 2 to 3 days to get the tax refund after receiving the message of “ITR Processed” from the Income Tax Department via email and SMS.
The Income Tax Department says that if the refund is not received during this time, then taxpayers should check their ITR intimation message. Apart from this, one should keep checking the email to know about any notification sent by the IT department regarding ITR refund.
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