Tax Refund: At present, the time for filing the Income Tax Return (ITR) has been reduced. Earlier, taxpayers had to wait for months for a refund, but now they get a refund in a few days. Many taxpayers get a refund in just a few hours.
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Refund process improved
The Income Tax Department says that this year, the average time for ITR processing and refund has been reduced to 17 days. At the same time, this time was 93 days in 2013. The government said that this has been possible due to technology and system improvements.
Process within 10 days, and refund in a few hours
Finance Minister Nirmala Sitharaman has informed Parliament that the average process time has become 10 days in 2023-24. Right now, some taxpayers get a refund in 4 hours. Whereas this was not the case earlier.
Taxpayers shared their experience on social media
A taxpayer, MK Nathan, wrote on the social media platform X on July 17 that he got his refund within 24 hours. At the same time, his ITR was processed in 10 days, and the money will come into the account in 12 hours. The Income Tax Department is very happy with such experiences of taxpayers.
ITR-1 process first
ITR-1 form is processed first. There are fewer details in it. After this, ITR-2 and ITR-3 forms are checked. In such a situation, if the filing of the return is simple, then there is a hope of getting a refund soon.
The system is more vigilant and secure than before
The refund process has become more vigilant, along with being faster. Tax evasion and fake deductions are being caught by matching with AIS and Form 26AS. Due to this, there is also a delay in some cases.
Delays may occur due to incorrect filing
Taxpayers who have claimed incorrect deductions or have incomplete information may have their refunds stopped. The department is checking old returns, which can take a little longer.
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Make sure all information is updated
Taxpayers should ensure that they pre-validate their bank account, confirm PAN-Aadhaar linking, and correct any mistakes in filing. If there is a delay in getting the refund, interest is paid.