A big update has come out regarding income tax return refund. If you have filed ITR-2 or ITR-3 for the financial year 2023-24, then it is very possible that you have not received the refund amount yet. You will be given ITR refund (ITR Refund 2024) only when your income tax return is verified.
How long does it take for the refund to come?
According to the information given on the ITR e-filing website, “Refund processing by the Income Tax Department starts only when the return is e-verified by the taxpayer. Generally, it takes 30 to 45 days for the taxpayer to get a refund. However, if the refund does not come within this time, the department will inform you about the mistakes in the return. If your ITR has been filled correctly and it has also been e-verified, then you will get the refund within the stipulated time limit. You can also check the status of the refund on the Income Tax e-Filing Portal.
How long does it take for the refund of ITR-2 to come?
After filing Income Tax Return-2, it takes about 20 to 45 days for its refund to come. However, sometimes it is delayed due to various reasons.
In how many days does one get ITR-3 refund?
At the same time, it takes about 2 months for the refund of ITR-3 to come. Because ITR-3 contains many types of information including business income, for which it is thoroughly examined.
Also Read: How to Check Your ITR Refund Status Via PAN Card; Here is the Step by Step Process
In how many days does one get ITR-1 refund?
Apart from this, it takes 15 days for the refund of ITR-1 to come. Let us tell you that in the past years, the returns of taxpayers who had submitted their returns only on the basis of Form 16 were processed in less than 10 days and their refund was transferred to their bank account within 15 days.
What is the last date for ITR filing?
The last date for filing income tax return for individuals was 31 July 2024, which has passed. In such a situation, now the taxpayer will have to pay penalty and interest on filing ITR 2024.