Finance Minister Nirmala Sitharaman
During the discussion on the budget in Parliament, Finance Minister Nirmala Sitharaman said that now the people of the country have started receiving income tax refunds in just 10 days. But are you also one of those people for whom it has been more than 20 days since you filed the ITR? Still, your refund has not arrived. In such a situation, what is the meaning of Finance Minister Nirmala Sitharaman’s statement and what is the truth regarding income tax refunds? Let us understand…
Finance Minister Nirmala Sitharaman had said that in the financial year 2013-14, it took an average of 93 days for common people to get their income tax refund. But now in 2023-24, this average time has come down to 10 days. The Finance Minister was right in her statement as the time frame for getting income tax refund has been reduced from the earlier one and in many cases it is just 10 days. So why has your refund not arrived yet?
Income tax refund depends on these things
The time when your income tax refund will be credited to your account depends on many things. The biggest difference is when you filed your return. If you filed your ITR close to the last date, your refund will be the latest. Apart from this, which ITR you have filed, how complex the calculation is in your ITR. All these things also affect the timing of your refund.
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Who gets the refund first?
If you have ITR-1 Bharat form, your income tax refund gets first priority. The reason is that ITR-1 is the least complex. Hence, its scrutiny takes less time and refunds of individuals are returned at the earliest. Similarly, it may take longer time for ITR-2 individuals’ refund to arrive and the longest time for ITR-3 individuals’ refund to arrive.
Luck changed with this step of the government
About 15 years ago, it used to take people in the country up to 3 months to get their income tax refund money back. The reason for this was that this process was quite manual. In the last few years, the government has increasingly focused on making the Income Tax Department tech-savvy and digitizing it. In the last 3 years, the ITR refund process has become quite fast. The government has launched a new portal. Now the RTI analysis process has also been centralized and made anonymous. This has also expedited the refund process.
