ITR Refund fast: In how many days the income tax refund is received, this question is often at the center of discussion among taxpayers. Let us know in how many days refund comes, how much time it takes to process ITR and where the complaint can be made if tax refund is not received.
How to get ITR Refund fast: The deadline for filing Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24) ended on 31 July 2023. Those taxpayers who have filed ITR in the last minute and their income tax refund is pending, such taxpayers must be wondering how long will it take for the income tax refund to be deposited in your bank accounts.
Suresh Surana, founder of accounting and tax consulting firm RSM India, says that once the ITR is e-verified by the taxpayers, the income tax department starts processing the tax return. On an average, it takes 4-5 weeks for the tax refund to be credited to the taxpayer’s bank account. Also it is observed that in some cases the tax refund is processed within 7-8 days of filing the tax return. In such a situation, some taxpayers get refund even in 15 days.
Income tax refund will be issued to you only after the ITR is processed by the Income Tax Department. A notice under Section 143 (1) of the Income Tax Act 1961 will be sent to your registered email ID as well as your e-filing account on the Income Tax portal. It will be informed through notice whether their tax calculation matches with the figures of the Income Tax Department. If there is no change between the two, taxpayers are informed whether a tax refund is due and if so, how much. Therefore, taxpayers should read the income tax information notice carefully.
How much time does it take to process ITR?
As per income tax laws, the notice must be issued within 9 months of the end of the financial year in which the ITR was filed. Effective from April 1, 2021, the deadline for processing ITR and issuing notice has been reduced by three months. Therefore, for ITR filed for the financial year FY 2022-23 (AY 2023-24), the Income Tax Department should issue notice information on or before December 31, 2024. If your ITR is not processed by the due date then you can lodge a complaint with the Income Tax Department.
How to file a complaint on the Income Tax Portal
If your income tax return has not been processed or your income tax refund has not been issued to you after processing, you can file a complaint on the Income Tax e-filing portal. To access the complaint section, simply log in to your account on the Income Tax Portal.
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