ITR filing FY 2023-24: How much time does it take to get ITR refund?

Have you already filed your income tax return (ITR) for the financial year 2023-24 and been waiting for your income tax refund? The first question that comes to your mind is now how long it takes to get an ITR refund. If it is delayed, then what could be the probable reason behind it? Is there any way you could expedite the process and get your ITR refund quickly? Read on to find out.

If you have paid more taxes than what is due (either by way of TDS or TCS or advance tax or self-assessment tax), you will get a refund from the Income Tax Department. The tax is calculated after taking into consideration all the deductions and exemptions at the time of assessment by the Income Tax Department.

Keep in mind that it is mandatory to e-verify your income tax return to get a refund. As per the latest rules, you need to e-verify your ITR within 30 days of filing your income tax return.

So, if you haven't e-verified your return yet, you will not be eligible for an ITR refund.

You won't get ITR refund if you don't follow these rules: 1) To get an ITR refund, you must pre-validate your bank account. The name mentioned in the bank account should match the details on the PAN card.
2) In case the IFSC code of your bank account is invalid, you will not get a refund.

3) If the account that you have mentioned in the ITR has been closed.

First, you have to check whether the Income Tax Department has processed your ITR. You will get a refund only after your income tax return is processed. The process of refund starts only after the return is e-verified by the taxpayer.

Usually, it takes four to five weeks for the refund to be credited to the account of the taxpayer once it is processed, says the income tax website.

If you do not get a refund within the time limit, you need to check for intimation regarding discrepancies in ITR. You can check your mail for any email notification from the Income Tax Department regarding the refund. You can also check the refund status on the income tax e-filing website.