ITR Refund Process: Income Tax Return Refunds Process Accelerated, Technology Drives Efficiency
However, it is taking less time to receive the refund as compared to the previous years. Just make that you have validated the returns after filing it. If you have done both steps, you will get the refund very soon.
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ITR Refund Process: Income Tax Return Refunds Process Accelerated, Technology Drives Efficiency
The process of income tax return filing results in a refund being issued within a span of 20 to 25 days. However, the recent statement by the Chairman of the Central Board of Direct Taxes (CBDT) indicates a significant reduction in the time taken to receive refunds.
The deadline for income tax filing is very close but still, there are some taxpayers remaining who have not filed their tax returns. On the other hand, taxpayers who have filed their income tax returns are waiting for the refund. Thus, here is the answer “How many days does it take to get the income tax returns refund from the IT department?
However, it is taking less time to receive the refund as compared to the previous years. Just make that you have validated the returns after filing it. If you have done both steps, you will get the refund very soon.
Earlier the taxpayers used to get the refund in 20 to 25 days but now (As per the Chairman of CBDT) stated that the time taken for processing the refund has been reduced.
According to officials quoted by PTI, the tax department presently selects a very small number of cases for limited or full scrutiny after the filing of returns. In these selected cases, the taxpayer is required to provide various documents, proofs, and explanations to address the queries raised.
According to Nitin Gupta, Chairman of the CBDT, technology is facilitating the examination of discrepancies between the taxpayer's filed returns and the data accessible to the tax authority. This technology-driven approach aims to expand and strengthen the tax base. Gupta further mentioned that approximately one million updated returns (ITR-U) have already been submitted by taxpayers up to this point.
The department will inform you ahead of time about the exact sum of your tax bill or refund through either email or text message. Furthermore, if you wish to do so, you can confirm the status of your refund by visiting the official website of the Income Tax Department.
Once the verification process is complete, the department prioritizes the refund of the tax amount. If you are unable to locate the relevant information in your inbox, you may want to check your email's spam folder.
Also Read: Physical Verification in Indian GST: A Comprehensive Guide
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Krishna Gopal Varshney
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