How Many Days to Receive Tax Refunds After ‘ITR Processed’ Message from the Income Tax Department?

By: Admin
August 02, 2024
Categories: Income Tax News|News

The Income Tax Department has announced that it will not extend the deadline for taxpayers to file their income tax returns (ITRs), despite requests from tax bodies for additional time. This decision comes in light of various technical glitches faced by taxpayers during the filing period. As of July 31, the deadline, over 7.28 crore taxpayers successfully filed their ITRs. Among these, more than 6.32 crore taxpayers have e-verified their returns, and the department has processed over 2.69 crore returns.

As taxpayers eagerly await their refunds, many are left wondering how long it will take to process their ITRs after filing. This post aims to clarify the processing times, factors affecting these times, and how to check the status of your tax refunds.

Why is ITR Processing Taking Longer This Year?

The processing time for ITRs varies significantly from case to case. For taxpayers who filed their returns using *Form 16, the processing was relatively quick, often taking *less than 10 days with refunds issued within 15 days. However, the situation is different for more complex ITRs.

Complex Returns

Taxpayers with intricate financial details or multiple income sources—such as capital gains—often experience longer processing times. These complexities lead to a more thorough review process, which can extend the time taken for ITR processing and refund issuance. According to tax experts, while simple returns can be processed swiftly, complex returns can face delays due to the additional scrutiny required.

How Long Does It Take to Receive Refunds After the ‘ITR Processed’ Message?

Once you receive the message stating that your ITR has been processed, the timeline for receiving your refund generally ranges from 2 to 3 days. However, it’s essential to note that refund processing officially begins only after the taxpayer has e-verified their return.

Timeline for Refund Credit

Typically, it takes the Income Tax Department about 4 to 5 weeks to credit the refund to the taxpayer’s account after e-verification. If you do not receive your refund within this timeframe, here are some steps you should take:

1.Check for Discrepancies: Look for any discrepancies in your ITR.
2.Email Notifications: Monitor your email for any notifications from the Income Tax Department regarding your refund.
3.Check Refund Status: You can check the status of your refund online through the e-filing portal.

How to Check Your Tax Refund Status Online

Taxpayers can easily check the status of their income tax refunds through the following steps:

Step-by-Step Guide

Step 1: Go to the e-Filing portal homepage.

Step 2: Click on Income Tax Return (ITR) Status.

Step 3: On the ITR Status page, enter your acknowledgement number and a *valid mobile number, then click *Continue.

Step 4: Enter the 6-digit OTP received on your mobile number and click Submit.

Important Notes

  • The OTP is valid for 15 minutes only.
  • You have 3 attempts to enter the correct OTP.
  • An OTP expiry countdown timer will be visible on the screen.
  • If needed, you can click on Resend OTP to receive a new OTP.

Upon successful validation, you will be able to view your ITR status.

Additional Considerations

Keep in mind that if your PAN (Permanent Account Number) is inoperative, your refund cannot be issued. Therefore, it is crucial to link your PAN with your Aadhaar after paying the requisite fee under Section 234H.

Conclusion

The current tax season has presented unique challenges, including technical glitches and extended processing times for complex ITRs. However, by understanding the processes and timelines involved in filing and processing ITRs, taxpayers can better navigate the system and ensure they receive their refunds promptly.

Remember, if you encounter delays or issues, always check for notifications from the Income Tax Department and ensure your PAN is operational. For more information and updates, keep visiting the official e-filing portal.

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