How much time it takes to get income tax refund in India
How long does it take for tax refund in India? Usually we get Form-16 by July month and I have filed my ITR (Income Tax Return) by August last week and I have acknowledged ITR by September first week. I am frequently checking the status on online portal but I don't see any updates. I have also contacted income tax refund enquiry email-id but I do not have any reply. Basically I wanted to know income tax refund time period to get credited back to my bank account.
How does a Tax Refund Arise?
At the point when a citizen pays more than the total taxes owed, the IT Department (ITD) issues a refund. For salaried people a refund arises with deductions or investment unclaimed during the year. Along these lines, at the time of submitting ITR his/her pay expense form, subsequent to declaring all qualified deductions resulting in deduction of taxes to be paid. This is when Tax Refund is raised and then ITD return back the access amount to the citizen.
How much time it takes to get income tax refund in India?
Income tax refund time period is about 6-8 weeks from the date of acknowledgement of your I.T returns. Disregard those earlier days when Income Tax Department used to take months and years to give you the refund of the excess tax paid/deducted during a financial year. After Digital India battle has been speed-up, Income Tax Department has additionally accelerate the way toward crediting salary charge refunds. This has been possible because of preparing of profits electronically at Central Processing Centre (CPC).
Once you acknowledge and verify (e-confirmation) ITR, the whole post submission process is total automated which permits quick preparing of return and permitting salary impose division to credit refund quicker than any time in recent memory.