The deadline for filing income tax returns is slowly approaching. The last date for filing income tax returns for the financial year 2023-24 or assessment year 2024-25 is ending with this month. With this, return filing has started gaining momentum and at the same time the department has also started processing the returns faster.
About 1.5 crore returns were filed
According to the dashboard available on the Income Tax Department’s portal, more than 12 crore taxpayers have registered themselves so far. More than 1 crore 42 lakh returns have been filed so far. Taxpayers have also verified more than 1 crore 33 lakh filed returns on their behalf. About 40 lakh of them have been processed by the Income Tax Department.
When will the money come into your account?
After the income tax return is processed by the department, taxpayers start getting refunds. If you too have filed income tax returns for the financial year 2023-24 i.e. assessment year 2024-25 and are now waiting for the refund, then today we are going to tell you how long your wait is going to be, that is, when will the refund money be sent to you by the Income Tax Department.
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Usually the process takes this much time
An important step in filing income tax returns is verification. Taxpayers have to verify their returns after filing them. This facility is now available online as well, which is called e-verify. After the return is verified, it usually takes 15 to 45 days to process. If the verification is done offline, it may take longer to process.
This is why the processing takes time
In the income tax return, the taxpayer gives information about the tax deductions and payments made during the entire year. If the tax paid in the relevant period is more than the tax liability of the taxpayer, then a refund is claimed through the return. This is the reason why the Income Tax Department verifies every return carefully. If the information of the claim made by you is recorded in Form-16, then it takes less time to process. If the information in Form-16 is not updated, the processing time increases. After the return is processed, the refund amount is credited to the taxpayer’s bank account.
