ITR refund: The last date for filing Income Tax Return (ITR) has ended on July 31, 2024. This time a record 7.28 crore income tax returns were filed, which is 7.5 percent more than the previous financial year. Now lakhs of taxpayers are waiting for refund after filing returns. You may also be one of those who are waiting for their refund. Let us know when the tax refund money can be deposited in your account.
What is a tax refund?
Income tax refund refers to the refund amount that is paid by the Income Tax Department when the amount of tax paid is more than the actual amount payable. The tax amount can be paid through TDS (tax deducted at source), TCS (tax collected at source), advance tax or self-assessment tax. Tax is calculated by the Income Tax Department taking into account all deductions and exemptions at the time of assessment. For example, if your income tax due for the financial year 2023-24 was ₹5 lakh, but the total TDS and TCS paid by you became ₹5.6 lakh, then the Income Tax Department (ITD) will issue you a refund of ₹60,000 (₹5.6 lakh – ₹5 lakh).
When will the refund money come into the account?
Let us tell you that the processing of income tax refund starts only when the return is e-verified by the taxpayer. Generally, it takes 4 to 5 weeks for the refund to be deposited in the taxpayer’s account. This time period does not start from July 31, but starts from the day you verify your tax return. This time the department is taking time in processing the ITR, which is causing a delay in the refund. If you have filed the income tax refund and e-verified it, then the money may come to your account in the next 4 to 5 weeks. It is possible that the money may be deposited in the account even before that. At the same time, if any flaw is found in your return in the scrutiny of the Income Tax Department, then there may be a delay in getting the return. The Income Tax Department will then ask you to file an updated return. After that there will be scrutiny. Then the refund will be issued.
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