Generally, ITRs file ITR but their refund does not come back for a long time. We are telling you that while filing ITR, you should take care of things so that your refund will be returned in 9 days.
Delhi: If you collect income tax, then this news is of your great use. Generally, ITRs file ITR but their refund does not come back for a long time. We are telling you how you can get your refund within 90 days.
If there is no disturbance in ITR, you will get returns soon
Those filing income tax returns will no longer have to wait more than 90 for a refund. If you have correctly filed income tax and all the figures related to your income are correct, then refund will be credited to your account within 90 days of filing the return. If you have submitted all the documents and they are correct, then your refund will be received within 90 days. The Income Tax Department has announced a technical upgrade to the ITR system this year. The Income Tax Department claims that a refund will be available every year in 90 days.
Now the rules have changed
This time in the budget , Finance Minister Nirmala Sitharaman has said that due to lack of refund in due time, the tax system of the whole year gets messed up, so now the whole process 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 is there a delay in refunds
If you have not given complete information while filing your income tax return, it may be late to get the refund. If you have not given the bank’s IFSC code correctly, then the refund is sure to be delayed. There may be a delay in getting the refund even if the bank account number is incorrectly entered. Many times tax refunds are also delayed due to non-submission of required documents.
Interest gets on delay in refund
If you have given complete and correct information to the Income Tax Department, then you need not panic. If the refund is delayed then the tax department gives you interest at the rate of 6 per cent, so try not to make any mistake on your behalf so that you can get your money as quickly as possible.
