Income Tax Return / Finance Minister had said that tax refund will be available in just 10 days, this is the reality

Income Tax Return: During the discussion on the budget in Parliament, Finance Minister Nirmala Sitharaman said that now people in the country have started getting income tax refund in just 10 days. But are you also one of those people who have been filing ITR for more than 20 days. Still their refund has not come. In such a situation, what is the meaning of Finance Minister Nirmala Sitharaman's statement and what is the truth related to the income tax refund? Let's understand…

Finance Minister Nirmala Sitharaman had said that in the financial year 2013-14, it took an average of 93 days for common people to get income tax refund. But now in 2023-24 this average time has come down to 10 days. The Finance Minister had said the right thing in her statement because the time for income tax refund has reduced compared to earlier and in many cases it is only 10 days. Then why has your refund not come till now?

The arrival of income tax refund depends on these things

When your income tax refund will be credited to your account depends on many things. For example, the biggest difference is when you filed your return. If you have filed your ITR around the last date, then your refund will come the most late. Apart from this, which ITR have you filed, how complex is the calculation in your ITR. All these things also affect the time of your refund.

Who gets the refund first?

If you fill ITR-1 form, then your income tax refund is given priority first. The reason for this is that ITR-1 is the least complex. Therefore, their scrutiny takes less time and people's refund is returned as soon as possible. Similarly, the refund of ITR-2 people may take more time and the refund of ITR-3 people may take the maximum time.

This step of the government changed the fate

About 15 years ago, it used to take up to 3 months for people in the country to get their income tax refund money back. The reason for this was that this process was quite manual. In the last few years, the government has increased its focus on making the Income Tax Department tech savvy and digitizing it. In the last 3 years, the process of ITR refund has become much faster. The government has launched a new portal. Now the process of analysis of ITR has also been centralized and made faceless. This has also accelerated the process of refund.