Income tax refund: How long does it take to get it?
income tax return (ITR) filing deadline ended on July 31, 2023, for FY 2022-23 (AY 2023-24). Those who filed ITRs at the last minute and have an income tax refund due must be wondering how long it will take to get the income tax refund to be deposited into your bank accounts.
Suresh Surana, Founder of RSM India, an accounting and tax consulting firm, says, «Once the ITR is e-verified by the taxpayer, the tax department would initiate processing of tax return.
After the tax return is processed, it usually takes an average of 4-5 weeks for the tax refund to be credited to the bank account of the taxpayer. Also, it is seen that in some cases, the tax refund has been processed within 7-8 days of filing the tax return.»
It is important to note that the income tax refund will be issued to you only after the income tax department processes the ITR.
A notice under Section 143 (1) of the Income Tax Act, 1961, will be sent to your registered email ID as well as on your e-filing account on the income tax portal. The notice will inform the individual whether their tax calculations match with that of the tax department.
If there is no discrepancy between the two, then it will inform the individual if the tax refund is due and how much it is. One must read the intimation notice carefully.
Surana says, «If the tax refund is not received during this duration, the taxpayer must check for intimation notice regarding discrepancies in ITR, check email for any notification from the income tax department regarding the tax refund.
