Those filing income tax returns on time will no longer have to wait more than 90 for a refund.
Income Tax Refund: The time for filing Income Tax Return (ITR filing) is nearing. If you want a refund on time, then ITR (Income Tax Return) should also be filled in time. But there will be many people who have filed returns last year, but they have not received refund yet. By the way, now filing ITR has become very easy. You can file ITR online yourself.
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Here we are telling the way of filing income tax, through which if you file the return, you will get the refund within just 90 days.
ITR refund status soon
Those filing income tax returns on time will no longer have to wait more than 90 for a refund. If you have filed the income tax correctly and on time, all the figures related to your income in the return are correct, then your refund will be transferred to your account within 90 days of filing the return. To get a timely refund, all the correct documents have to be put in the return. In this way, your refund will be received within 90 days.
Income Tax System
The Income Tax Department has made a technical upgrade to the ITR system this year. On the basis of this upgrade, the Income Tax Department claims that refund will now be available in 90 days.
Finance Minister Nirmala Sitharaman has said that the tax system of the whole year is disturbed due to not getting the refund in due time. Therefore, the entire process of ITR has to be completed in 9 months. The government believes that this will solve the tax related matters quickly and will increase the tax collection.
Why check income tax refund status
Refund does not come on time after filing ITR and many times a refund is received throughout the year. There can be many reasons for this. Like- if you have not given complete information while filing the return, your refund will be delayed.
While filing the return, it is necessary to fill in the correct bank account number, correct IFSC code of the bank. If there is something wrong with the bank’s IFSC code, the refund will be delayed.
Interest on Refund (Interest on Income Tax Refund)
It is not that you get any loss when the refund is late. If you have filled all the correct information while filing the return at the right time and your refund has not been received, there is no need to panic. Because whenever your refund comes, interest will be added to it.
