The income tax department of India is trying its best to process the ITR filed by taxpayers as early as possible. As per CBDT, last year the IT Department issued refunds to close to 2 billion taxpayers. The amount refunded back to the taxpayers was estimated close to 1.2 lakh crores.
Usually, the income tax refund time is nearly 21 to 45 days. It completely depends upon the status of your ITR. If there are not any discrepancies in the ITR form and the taxpayer is liable to get any refund, the refund is initiated soon after the processing of the ITR.
The Assessing Officer after processing the ITR sends the acknowledgment to the authorized bank enlisted in the ITR form filed by the taxpayer. The bank can take up to a week to credit the amount and intimate the taxpayer about the refund status.
The refund paid status is also shown in form 26AS, under the Tax Credit Statements.
When Can I Expect My Refund 2022?
The income tax department tries to credit the refunds as soon as the ITR is processed. Due to a large number of ITR filings, it may take up to 21 days or more. The income tax department says that 9 out of 10 refunds are initiated as soon as their ITR is processed.
The New Refund Banker Scheme
The Refund Banker Scheme is started to smooth out the process of refund generation and ITR processing. It’s under the wings of CPC, Bangalore/ Assessing Officer.
The refund is generated by the AO after processing of ITR and is sent to the State Bank of India’s CMP branch (aka refund banker). The SBI’s refund banker transfers the amounts to the respective bank accounts of the taxpayers.
The refunds are credited by two modes of payment:
RTGS/NECS- for this the following information is required: Taxpayer’s account number, MICR code/IFSC code, and correct postal address for communication.
Paper Cheque: The bank account number and correct address of the taxpayer are mandatory.
The refund status can be checked by the taxpayer 10 days after the refund is sent to the refund banker by the Assessing Officer.
Why is Refund Delayed 2022?
There can be multiple reasons causing a delay in refund. Here are a few of them listed below.
- The bank account details mentioned in your ITR are not verified.
- The taxable income and other sources of income do not match the records of the IT Department.
- The ITR filed by you has not been processed yet.
- The e-filing was not done for the assessment year.
- No ITR was filed.
- The amount due for a refund is less than the minimum refund value, which is INR 100.
- The case has been given to another Assessing officer for further analysis of taxes.
How Do I Track My ITR Refund?
Taxpayers can easily track the status of their ITR refund through the online portal.
- Go to this URL: https://tin.tin.nsdl.com/oltas/refund-status-pan.html.
- You will be asked to enter PAN details. Enter PAN number.
- Now, select the assessment year from the drop-down menu.
- Lastly, fill up the captcha code shown in the captcha box and click on proceed.
The current status of your ITR refund will be displayed.
How Can I Check My ITR Refund Status?
Taxpayers can easily track the status of their ITR refund through the online portal.
Here is a step-by-step guide to help you out with this task.
- Go to the e-filing portal. There log in to your account. . www.incometax.gov.in/iec/foportal/
- You will be asked to enter your user ID, password, Birthday/date of incorporation, and Captcha.
- After login, go to my account. There, click on Refund/demand status.
- A page will appear on the screen with the following fields:
- Assessment Year,
- Status,
- Reason (for refund failure if any)
- Mode of payment.
- The refund/demand status will be displayed on the screen.
FAQS- Income Tax Refund Time
1. Why is My ITR Still Under Processing?
If your ITR is e-verified, but still showing under processing, it means that the ITR filed by you is yet to be processed. You can check online after a week’s time if it’s already been more than 21 days. Or, you can call on the CPC helpline number to get impromptu information about your ITR and refund status.
2. Can I Track My 2022 Tax Refund?
Yes, you can track the refund status. Go to nsdl.com/refund-status-pan.html. → enter your PAN number→ Select the assessment year→ Enter the captcha →Click on Proceed.
3. How Can I Track My Refund After 21 Days?
To track the refund status go to nsdl.com/oltas/refund-status-pan.html. → enter your PAN number→ Select the assessment year→ Enter the captcha →Click on Proceed.
Conclusion
The income tax refund time is different for all taxpayers. It can take close to 21 days or more to get your refund. So, to make the process less complicated, file the ITR carefully and disclose all the information as per the facts. Make sure that your bank account is e-verified. Also, remember it is mandatory to file an ITR in order to claim refunds. Use the e-filing portal to quickly access the status of your ITR and refund generation.
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