Income tax return: India likely to reduce refund processing time to 10 days
- August 25, 2023
- CA Chandan Agarwal's Office
The deadline to file ITR without penalty for financial year 2022-23 ended on July 31 and so taxpayers now must be waiting for the refunds.
The income tax department is planning to reduce the average processing time for getting tax refunds after filing income tax returns (ITRs), according to Business Standard report. The tax department is mulling over the reduction of days to 10 from the current 16 days. The report added that the new timeline is expected to be implemented during the current fiscal year.
However, CNBC-TV18 couldn’t independently verify the development.
The deadline to file ITR without penalty for financial year 2022-23 ended on July 31 and so taxpayers now must be waiting for the refunds. Depending on the option exercised by the assessee while filing the annual ITR, the refund is made either through electronic mode i.e. direct credit to account or through refund cheque.
Here are the steps to check ITR status from the income tax website:
Step 1:
Open www.incometax.gov.in and log in to the account by entering the user ID (PAN) and password
Step 2: Login and click on the ‘e- file’ option
Step 3: Select ‘Income tax returns’ and then click on ‘View Filed returns’.
Step 4: Now, check the latest ITR filed
Step 5: Select the ‘View Details’ option and it will show the status of the ITR filed
In order to check income tax status through the website tin.tin.nsdl.com, users need to enter their Permanent Account Number (PAN) and select the relevant assessment year. The status will be reflected. ‘Refund paid’ status is also reflected in the ‘Tax Credit Statements’ in Form 26AS.
What to do in case of refund delay?
Taxpayers should check their listed email to see if there is any communication from the Income Tax Department, seeking a response. In that case, it is important to respond to the email at the earliest. In case the ITR status shows that the refund has expired, it means that the refund has not been presented for payment within the validity period of 90 days. The taxpayer, in this case, may raise a refund re-issue request.
Source: https://www.cnbctv18.com/personal-finance/itr-filing-income-tax-return-refund-timeline-processing-time-reduce-to-10-days-steps-17625771.htm
