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This time also the last date for filing income tax return for the financial year 2023-24 was 31 July 2024. Crores of people have filed ITR. Many taxpayers are waiting for their refund. It happens with many people that the return is filed but the refund is not received quickly. Let us tell you here that the Income Tax Department issues refund based on the type of ITR form. The time to get the refund varies on that basis. This is why you must have seen that some people get their refund within 24 hours, while others take several weeks to get their refund.
How quickly an Income Tax Return (ITR) is processed depends on several factors, including It may take up to three to four months . It depends on which ITR form you have filed and how complex your return is. According to CA Ashish Mishra, “It can take a long time for the Income Tax Department to process a single return. It can take up to three to four months. In some cases, the return is processed on the same day or even within a day.” In some cases, this period ranges from six months to a year. How long it takes depends on the way the Income Tax Department works.
for how long in what form
Form ITR-1 It is for those who earn only from salary or have only one house and whose total income does not exceed Rs 50 lakh. As per earlier data, returns filed in ITR-1 form are processed within 10 days and their refund is usually received within 15 days.
Form ITR-2 This is for those taxpayers whose income includes capital gains on sale of shares and other details. This form usually takes 20 to 45 days to process. Because this form contains more information, it takes more time to verify it.
Form ITR-3 It is for individuals and Hindu Undivided Families (HUF) whose income is from a business or profession. ITR-3 form usually takes longer to process. It takes about 30 to 60 days for processing. It contains a lot of information which is very complex.
How quickly your income tax return will be processed depends on whether you have filed ITR-1, ITR-2 or ITR-3. The complexity of your return is also important. For people with simple income like salary, it is easy to fill ITR-1 form. Which gets processed soon. But people who have business have to fill ITR-3 form. Forms that contain more financial information are thoroughly scrutinized by the tax department. Therefore, it takes more time to process. When your income tax return is checked, the tax department sends you a notice. Which is called an information notice under section 143 (1).
How to Check ITR Refund Status
– Follow these steps on the e-filing portal to check your tax refund status.
– First of all go to the e-filing portal.
– Login with your user ID and password.
– Go to the eFile tab and then go to Income Tax Returns. Select View Filed Returns here.
– Check Assessment Year Refund and click on View Details.
– Here you can also view the life cycle of your filed returns.
Refund status information
– Refund Issued: When the refund has been deposited into your bank account.
– Partially Adjusted: When only a part of the refund is adjusted.
– Full Refund Adjusted: When the entire refund has been adjusted.
– Refund Failed: When the refund has not been processed.