New Delhi: Income tax return filers will no longer have to wait more than 90 days for a refund. If you have filed a correct income tax return and all your income statistics are correct, the refund will be credited to your account within 90 days of filing the return. If you have submitted all the documents and they are correct then your refund will be received within 90 days.
If there is no disruption in ITR, you will get compensation soon
With this, the income tax department feels that if there is any defect in the income tax return and or any document is required, the department will have to complete the investigation process of the IT return within nine months. This time the process will have to be completed in a year. But this time the budget says the process should be completed in nine months. The government believes that this will speed up tax matters and increase tax collection.
For this reason, refunds are delayed
Tax refunds can be delayed for a number of reasons. If you provide incorrect or incomplete information when filing your income tax return, refunds may be delayed. If you made a mistake in giving the bank the IFSC code or entered the bank account number incorrectly, there may be a delay in getting a refund. Tax refunds can often be delayed due to non-submission of required documents. If the refund is delayed, the tax department will pay you interest at the rate of 6 per cent. The income tax department has announced a technical upgrade to the ITR system this year. The delay in the income tax refund may be due to this. But now the department has said that refunds will be given in 90 days every year.