Income tax department all set to cut refund time to 10 days from this fiscal year
The revenue department is poised to roll out a system to cut the average processing and issuance time for tax refunds from the current 16 days to just 10 days, a newspaper report has said. More importantly, the new timeline is expected to be implemented during the current fiscal year.
Click to check whether your Income Tax Refund is disbursed
Possible refund issues:
1. Eligibility: Some taxpayers don’t receive refunds as they’re not eligible. If you’re eligible and the tax website confirms it during filing, you should expect a refund.
2. Accurate bank details: Your bank account information should be both accurate and pre-validated. Pre-validation is essential; otherwise, you won’t receive a refund. Also, ensure your PAN card is linked to the bank, with matching details, including the IFSC code.
Key steps for refund:
1. Eligibility confirmation: Ensure you meet the eligibility criteria for receiving a refund.
2. Accurate bank information: Make sure your bank details are accurate and pre-validated.
3. PAN and bank linkage: Your PAN details must align with your bank account details, including the IFSC code.
4. Verification timely: Complete the ITR verification process within 30 days; otherwise, your ITR won’t be considered complete.