Income Tax Refund: If the refund money has not yet come into your account, do this work immediately..

This time also the last date for submitting the Income Tax Return (ITR Filing 2024) for the financial year 2023-24 was 31 July 2024. Crores of people have filed ITR before time, while many taxpayers are waiting for their refund. All the people who have submitted their returns have not received their refund yet.

Let us tell you that the Income Tax Department issues refunds based on the type of ITR form. On this basis, the time of getting a refund varies. This is the reason why you must have seen that someone's refund comes in 24 hours, while someone's refund takes weeks to come.

How much time will the process of return take?
How quickly the Income Tax Return (ITR) will be processed depends on many things. In this, it is important which ITR form you have filled and how complex your return (income tax return file) is. According to CA Ashish Mishra, 'It can take a long time for the Income Tax Department to process any one return. It also takes three to four months. But in some cases, the return is processed on the same day or within a month. In some cases, this period ranges from six months (ITR Refund 2024) to one year. How much time it will take depends on the way the Income Tax Department works.

Which form takes how much time
The ITR-1 form is for such people whose income is only from salary or who have only one house and whose total income is not more than Rs 50 lakh (Income tax refund process). According to earlier data, returns filed with ITR-1 form are processed within 10 days and their refund is usually received within 15 days.

ITR-2 form is for such taxpayers whose income includes profit from the sale of shares (capital gain) and other more informational things. This form usually takes 20 to 45 days to process (ITR refund status 2024). Because it contains more information, it also takes more time to check it.

ITR-3 form is for such people and Hindu Undivided Families (HUF) whose income comes from a business or profession. ITR-3 form usually takes more time to process. Its processing takes about 30 to 60 days, it contains much such information which is very complicated.

How quickly your income tax return will be processed depends on which form you have filled out, whether ITR-1, ITR-2, or ITR-3. Along with this, how complex your return is is also important. For people whose income is simple like just salary, it is easy to fill ITR-1 form. It gets processed quickly (ITR Mistakes 2024).

But people who have businesses, have to fill ITR-3 form. The tax department checks the forms that contain more financial information thoroughly. Therefore, it takes more time to process them. When your income tax return is checked, the tax department (Income Tax Refund 2024) sends you a notice. This is called an intimation notice under section 143(1).

How to check ITR refund status
>> To check the status of your tax refund, follow these steps on the e-filing portal.
>> First of all go to the homepage of the e-filing portal. (ITR verification process)
>> Login with your user ID and password.
>> Go to the e-file tab and then go to Income Tax Return, select View Filed Return here.
>> Check the refund of the assessment year and click on View Details. (ITR Filing portal)
>> Here you can also see the lifecycle of your filed ITR.

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