The deadline for filing Income Tax Returns (ITRs) ended on September 16, and millions of taxpayers are now awaiting their refunds. There have been concerns about delays from the Income Tax Department when the refund amount is large, such as over Rs 50,000. As per income tax rules, refunds have no upper limit – whether it is Rs 10,000, Rs 1,00,000, or more, the process remains the same. However, experts say that larger refunds may undergo additional scrutiny, which could lead to a slight delay.
Benefits for taxpayers who filed their ITRs early
If you filed your ITR weeks before the deadline, your e-verification was likely completed within a few hours. The ITR was even processed, and refunds were initiated the same day for many. However, for taxpayers who filed on September 15 or the last day, September 16, the processing was slower and e-verification took 24-48 hours due to heavy rush on the e-filing portal.
How Soon Can You Expect Your Refund?
According to the Income Tax Department, the refunds typically reach your bank account within 2 to 5 weeks after the e-verification process. In the case of a simple return, for example, just salary income and basic deductions, the refund may be credited to your account sooner.
If the return involves capital gains, business income, or multiple deductions, additional scrutiny may be required, which can lead to slight delays.
What causes delays in income tax refunds?
Several factors can lead to delayed refunds, including incorrect IFSC code or closed account, Errors in PAN, Aadhaar, or bank details, mismatch in TDS data, bank account not pre-validated, or return flagged for scrutiny.
How to check ITR status?
-Visit http://www.incometax.gov.in
-Find the e-File tab
-Tap/click on View Filed Returns
-The refund status will be displayed on your screen
ALSO READ: ITR Filing – When will you get your refund? step-by-step guide to track status
