Status of Income Tax Refund: Now, the refund will come in a few days. Getting a refund now happens very quickly, whether it takes three days or a week. But if you don’t get your refund right away, there could be a reason for that.
Income Tax Refund Status: According to the Income Tax Department, more than 2 billion income tax returns for the assessment year 2023-23 have been filed as of July 11, 2023. This is 9 days earlier than last year.
A lot of people are filling out ITR. Now, the process for getting a tax refund is also very fast, so taxpayers get their money back very quickly.
How does tax refund work?
When you file your ITR, you may find that you paid more tax than you should have over the course of the year. If this is the case, the Income Tax Department will give you a tax refund.
After you file your ITR and go through the e-verification process, you can start the process of getting your money back. Now, you’ll get your money back in a few days.
Getting a refund now happens very quickly, whether it takes three days or a week. But if you don’t get your refund right away, there could be a reason for that.
What could cause the refund to take longer than expected?
- ITR doesn’t have enough information
It’s possible that your ITR is missing some information or is missing some details. You can do this by taking another look at your ITR and seeing where the problem is.
After that, you can call or write your assessing officer with more information and documents. Take an acknowledgment from them after you’ve sent.
- Tax Dues
You might owe money to the government in the form of taxes. There is something wrong with the maths. You can also get an income tax notice for this.
Check your paperwork and how much tax you owe. If the right amount of tax was put on your ITR, you will need to file a “rectification return.” If not, and tax is due, you should pay it before the deadline.
- There is a mistake in the request for a refund.
The Income Tax Department could find a mistake in your request for a refund. On this, you can find out if your maths is wrong. You must also file a Rectification ITR for this.
- There is a mistake in the conclusion.
After you file, you may find that you made a mistake on your ITR or didn’t claim the right deduction. If this is the case, you will need to file a revised ITR.
- The bank account information is wrong
When you file your ITR, you also have to give information about the bank account where you want your tax refund to go.
But if you don’t get your refund, it could be because you put in the wrong bank account information when you filed your ITR or because your bank account information changed after you filed.
This is why you haven’t gotten your refund. In this case, you will need to ask for a “refund re-issue.”