The deadline for submitting an Income Tax Return (ITR) penalty-free for the fiscal year 2023-24 fell on July 31.
Typically, ITR refunds are processed within 7 to 120 days from the filing date. However, thanks to technological advancements, the average processing time for refunds has significantly decreased.
If your tax refund hasn’t arrived yet, ensure that you’ve verified your ITR. Failing to e-verify your ITR renders the filing incomplete, rendering your ITR invalid.
Step 1: Go to the Income Tax India website at https://www.incometax.gov.in/iec/foportal/.
Step 2: Log in to the portal using your registered User ID (PAN number), the password, and the captcha code.
Step 3: Look for ‘View Returns/Forms’.
Step 4: Then click on the ‘Select An Option’ link and then on ‘Income tax Returns’ link from the drop-down list. Enter the assessment year and click on submit.
Step 5: To check the details, click on the ITR acknowledgment number to view the ITR refund status.
The ‘refund paid’ status is also recorded in the ‘Tax Credit Statements’ in Form 26AS.
If there is some issue in your ITR bank details, it will show: ‘No Records Found, check your e-filing processing status by navigating through e-File – > Income Tax Returns – > View Filed Returns‘.