ITR refund for FY 2023-24: The Income Tax refund is the money which is provided by the Tax Department to the individuals who end up paying more taxes than they owed via various means like TDS (Tax Deducted at Source), Advance Tax, TCS (Tax Collected at Source), etc. The deadline to file ITRs is July 31,2024, but if you are someone who has already filed their Income Tax Return, you are probably wondering when the refund will come into your bank account. To understand this, we first need to break down the steps and
When can I expect my tax refund 2024?
Refunds are credited to only those bank accounts that have been pre-validated through the Electronic Clearing Service (ECS), ensuring that the account holder’s name matches the name on the PAN card. The tax department will not start processing refunds until the taxpayer has completed e-verification of their return. Generally, it takes about four to five weeks for the refund to be deposited into the taxpayer’s account, as stated on the tax department’s website.
How many days it takes to get tax refund?
Processing your Income Tax Return (ITR) typically takes between 15 to 45 days from the date you e-verify your return. If you use the offline verification method with the ITR-V form, this period may be extended. Generally, refunds are credited to the taxpayer’s account within 4 to 5 weeks, according to the Income Tax Department.
If your refund hasn’t arrived within this timeframe, it’s crucial to look for any notifications regarding discrepancies in your ITR. Check your email for updates from the IT department and review the refund status on the e-filing portal to stay informed about the progress.
How To Check Income Tax Refund Status For FY 2023-24?
To check your refund status, first visit the NSDL TIN website and log in using your PAN details. Choose the assessment year you wish to check and enter the captcha code before clicking on the option ‘Submit.’ Your screen will display a message showing the status of your ITR refund. Click ‘Proceed’ to view the detailed status of your refund.
How to check Income Tax Refund status online using PAN card?
To check your Income Tax refund status using PAN card, here are the steps you need to follow:
- Visit the official income tax e-filing portal – https://eportal.incometax.gov.in
- Log in using your PAN, password, and the captcha code provided.
- Once logged in, navigate to the ‘My Account’ section and select ‘Refund/Demand Status.’
- Here, you can view details about your refund status, including the assessment year, current status, any reasons for refund failure if applicable, and the mode of payment.