Income tax Refund: E-verify the return within 30 days of filing it. Only after this the department will start the process of issuing refund. If the taxpayer misses e-verification then the refund amount will not be received.
Income tax Refund: As soon as the last date for filing Income Tax Return (ITR) is over, the process of issuing refund has started. Only those taxpayers who have paid more tax than their liability are entitled to get ‘Income Tax Refund’, but for this it is necessary that they e-verify the return within 30 days of filing it. Only after this the department will start the process of issuing refund. If the taxpayer misses e-verification, then the refund money will not be available.
How much time does it take
The refund process starts from the date on which the taxpayer e-verifies his ITR. Usually, it can take from 15 days to 2 months for the money to arrive from the date of verification depending on the nature of the ITR. However, in many cases it can come even before this, but if there is any irregularity in the return, then the refund process may get delayed.
In such cases, the Income Tax Department may ask to file a revised return. It will be re-examined and the refund money will be released only if it is found to be correct. Taxpayers can also check the status of the refund on the Income Tax Department portal.
That’s why e-verification is necessary
According to the income tax rules, it is mandatory to e-verify the ITR within 30 days after filing it. It can be verified both online and offline. In the offline method, the copy of the ITR has to be signed and sent to the Income Tax Department’s office in Bengaluru through post. If a taxpayer has not verified the ITR, he will not get the refund money. Not only this, he will have to file a delayed ITR and he will also have to pay a penalty for it.
How much time for which ITR
ITR-1: Refund is received within 10 to 15 days. This time limit is for those who have submitted the return on the basis of Form 16.
ITR-2: It takes about 20 to 45 days for the refund to come. However, sometimes it is delayed due to various reasons.
ITR-3: It takes about two months. Since this return form contains many types of information including business income, it is scrutinized closely.
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