ITR Refunds 2024: Over 5 crore taxpayers have filed their income tax returns (ITRs) for the Assessment Year 2024-25. Over 2.2 crore ITRs have been processed and now these taxpayers are waiting for their income tax refunds.
ITR refunds 2024: Over 5 crore taxpayers have filed their income tax returns (ITRs) for the Assessment Year 2024-25, according to an update shared by the Income Tax Department on July 27. Those who have filed their tax returns and paid extra taxes to the government are eagerly waiting for the Income Tax Department to issue refunds as soon as possible.
Once you have filed your income tax returns and see that the Income Tax Department owes you some amount due to extra taxes paid, you might wonder how long it will take to process the ITR and when you will receive your income tax refund. But it’s important to understand that with crores of taxpayers waiting until July to file their tax returns, it takes time for the Income Tax Department to scrutinize the large volume of data and process them, even though most of the processes have been automated.
As per data available on the Income Tax website, 5.14 crore taxpayers have filed their income tax returns for AY 2024-25. Of this, over 4.67 crore ITRs are verified until this date and 2.22 crore ITRs are processed.
How many days it takes to process an ITR
The ITR processing may take 15-45 days from the e-verification date of the tax return. If the offline verification method (ITR-V form) is used, this time further extends.
Read More: ITR Deadline: Over 5 Crore Returns Filed — Last-Minute Tips for AY25 Income Tax Filers
How long it takes to get the tax refund once ITR is processed
Many taxpayers ask that after filing my ITR, when will I get refund? Usually, it takes 4-5 weeks for the refund to be credited to the account of the taxpayer, the Income Tax Department says.
However, if refund is not received during this duration, the taxpayer must check for intimation regarding discrepancies in ITR; check email for any notification from the IT department regarding the refund. The taxpayer can also check refund status on the e-filing as per the process.
How to check tax refund status online
Steps to check your income tax refund status online:
Step 1: Go to the e-Filing portal homepage.
Step 2: Click Income Tax Return (ITR) Status.
Step 3: On the Income Tax Return (ITR) Status page, enter your acknowledgement number and a valid mobile number and click Continue.
Step 4: Enter the 6-digit OTP received on your mobile number entered in Step 3 and click Submit.
Note:
-OTP will be valid for 15 minutes only.
-You have 3 attempts to enter the correct OTP.
-The OTP expiry countdown timer on screen tells you when the OTP will expire.
-On clicking Resend OTP, a new OTP will be generated and sent.
On successful validation, you will be able to view the ITR status.
Note: If your PAN is inoperative, refund cannot be issued. Kindly link your PAN with Aadhaar after paying requisite fee u/s 234H.
