ITR Refunds: Many taxpayers are waiting to get their refund after filing their income tax returns. If you are also among them, then there is no need to worry. Right now the Income Tax Department is processing the returns. Therefore, all the people who are entitled to the refund have not yet received the amount in their bank accounts. If you have submitted ITR-2 or ITR-3 for the financial year 2023-24, then there may be a delay in getting the refund. Let us know when you can get the refund according to the form you have filled.
The processing of ITR forms varies:
The processing of income tax returns by the tax department is done on the basis of the type of ITR form, nature and amount of deductions/exemptions claimed by the taxpayer in the return etc. Hence, the processing time varies and hence the time taken to get the refund also varies.
ITR-1: The processing process of ITR-1 is generally simple. Historically, individuals who filed their returns using only Form 16 had their tax returns settled in less than 10 days and received their refunds within 15 days. This time too, the first ones to file ITR-1 will start receiving refunds.
ITR-2: The ITR-2 form contains additional information such as capital gains, which requires verification and scrutiny. Therefore, the process usually takes 20 to 45 days, but sometimes it may take a little longer due to the need for additional detailed information.
ITR-3: ITR-3 form takes longer to process. Usually 30-60 days, because ITR-3 includes complex data, such as business income, which requires a more detailed review.
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