look news india
New Delhi: Many taxpayers have filed their income tax returns for the assessment year 2024-25 and are eligible for refund, but the income tax refund amount has not yet arrived in their bank account. If you have submitted ITR-2 or ITR-3 for the financial year 2023-24, then it is expected that you have not received the tax refund yet. Let us tell you that the refund amount will not be released until your ITR is verified by the Income Tax Department.
It takes the least time to file ITR-1
Actually, the process of ITR-1 is simple. After this, the process of ITR-2 and ITR-3 is complex. Individuals who filed their ITR using only Form 16 got their tax return settled in less than 10 days and got their refund within 15 days.
ITR-2: The ITR-2 form contains additional information like capital gains, which is subjected to detailed verification and scrutiny. Therefore, this process usually takes 20 to 45 days, but sometimes it may take a little longer due to the requirement of additional detailed information.
ITR-3 refund takes the longest time to arrive
ITR-3: This process may take longer, usually 30-60 days, as ITR-3 involves complex data, such as business income, which requires more detailed scrutiny.
How to check ITR refund status?
step 1 – To check income tax refund, you first have to go to the home page of the e-filing portal.
Step 2- After this, login by entering your ID-password.
step 3- Go to e-File tab > Income Tax Returns > View Filed Returns.
step 4- Select the assessment year for which you want to check the refund status. Then click on View Details and here you can check the status of the ITR filed.
