ITR Refund Update: Haven’t received your income tax refund yet? Know reason for delay
ITR Refund Delay: After filing their Income Tax Returns, taxpayers eagerly await refunds. While some received theirs in just 10 days, others are still waiting even after a month. Why does this happen? How refunds are processed, who receives them quickly, and why some are delayed. If you have also these questions then you are at the right place. Here are the five reasons for this delay:
Finance Minister's Statement on Refund Delays
During the budget discussion in Parliament, Finance Minister Nirmala Sitharaman mentioned that the time required to issue income tax refunds has decreased significantly. In 2013-14, it took approximately 93 days to process a return and issue the refund. However, in 2023-24, most refunds are being issued within an average of 10 days.
Finance Minister's Statement on Refund Delays
So, why are some refunds still delayed? The Finance Minister provided an explanation.
Not Every ITR Is Processed in 10 Days
The Finance Minister clarified that not all ITRs are processed within 10 days. While the average processing time is 10 days, complex ITR forms take longer to process, leading to delays in refunds.
Who Gets Their Refunds Quickly and Who Faces Delays?
If you filed an ITR-1 form, your refund is prioritized due to its simplicity, requiring less scrutiny. Refunds for ITR-2 filers take a bit longer, and those who filed ITR-3 may experience the longest wait.
Factors Influencing Refund Timing
Several factors affect the timing of your refund, including when you filed your return, which ITR form you used, and the complexity of your tax calculations.
How to Check Your Refund Status
To check your refund status, visit - https://tin.tin.nsdl.com/oltas/refundstatuslogin.html. Scroll down and enter your PAN number and the assessment year for which the refund is pending. Complete the captcha code and click “Proceed.” The status of your refund will be displayed.