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How long does it take to get an income tax refund?
We understand that it can seem an intimidating process for beginners. However, there’s absolutely no need for you to worry about income tax filing. Learning how to save tax through timely and accurate filing of income tax returns is an essential skill. It can help you save quite a bit of money.
Earlier, the process of filing a tax return involved a lot of back and forth with government bodies. But since 2014, the income tax department has made a concentrated effort to ensure more and more people file their tax returns online.
The processing of returns now happens electronically at a Central Processing Center (CPC) which makes the process quicker and much more efficient.
How long will it take them to credit my account?
The shift from pen and paper to digital ITR filing has led to a significant decrease in turnover time for tax return refunds.
- In case of salaried persons, the ITR refund may be credited to their account in as little as two weeks. But this is applicable only to those whose ITR’s have been filed the earliest. In general, one can expect their refunds to be credited within a period of 1 to 4 months.
- For business organizations (companies, partnership firms, etc.), the ITR refund should be credited in 3 to 6 months.
- It is also important to remember that one of the priorities is the return of Tax Deducted at Source (TDS). So those filing ITR for TDS should expect to receive their returns, or intimation of any errors in form fill-up, within a couple of weeks.
Where can I check the status of my Income tax return?
Once the refund process has been initiated, you should receive an e-mail or SMS notification on your registered mobile number.
You can then check the status of your refund by visiting the government income tax website and clicking on the ITR status tab.
Important dates
According to the budget 2017, 31st July, 2018 is the last date for you to file your ITR.
Those who file their returns after the due date can expect the refund process to take much longer than usual. Don’t say we didn’t warn you!
Prior to the ITR deadline, 31st January, 2018 is the deadline to submit your investment proof. Additionally, 31st March, 2018 is the deadline to make investments under section 80 C of the Indian constitution.
