ITR Filing: Taxpayers are eagerly waiting to know when they can file their Income Tax Returns (ITRs) for the assessment year 2025-26. However, the process can begin only after the Income Tax Department notifies the ITR forms for the current assessment year.
Last year, the department notified 7 different ITR forms in April. The income tax department is expected to notify the ITR forms for the assessment year 2025-26 this month. However, this assumption is based on past trends.
For now, taxpayers can prepare their return forms, but filing can only begin once the online utilities for forms like ITR-1 and ITR-2 are activated on the income tax portal. This may happen in the first or second week of April. Until then, taxpayers need to wait.
ITR Filing: When To Expect Refund?
Now, the question arrives that if someone files their ITR in April, can they expect a refund within 7 days as claimed by the Income Tax Department and Finance Ministry?
The Income Tax Department aims to process refunds quickly, CA (Dr.) Suresh Surana was quoted by the Financial Express. “However, the actual issuance of refunds depends on several factors. These include the accuracy of the return filed, whether the TDS and income details match those in Form 26AS and AIS, the promptness of e-verification by the taxpayer, and whether the return is selected for any further verification or processing,” Financial Express quoted Surana.
Surana also suggested that the taxpayer’s bank account must be pre-validated and linked to their PAN. Moreover, he noted that while many salaried individuals may receive refunds within a week, but processing times can vary. He remarked that the timeline ultimately depends on the specific details of each case.
