Income tax refund will come within 24 hours of filing ITR, know the whole process

From salaried employees to businessmen, refunds are being credited to their accounts rapidly. Earlier, these refunds used to take 20 days, 1 month or sometimes even 3 to 4 months to arrive, but now refunds are arriving within 24 hours or at most 5 to 10 days.

Income tax refund: Filing of income tax returns for the financial year 2024-25 has started. At the same time, ITR-2 and ITR-3 forms have also been activated on the income tax website, due to which the number of ITR filers is increasing rapidly. The faster the number of income tax filers is coming, the faster the refunds are also being issued. This time the Income Tax Department is sending refunds to the people faster.

From salaried employees to businessmen, refunds are being credited to the account rapidly. Earlier it used to take 20 days to 1 month or sometimes even 3 to 4 months for this refund to come, but now refunds are coming in 24 hours or maximum 5 to 10 days. If you have not filed ITR yet, then fill it soon, because its deadline is also slowly approaching.

By when can you file the return?

This time the deadline for filing income tax return is 15 September. You have to file income tax return before this, only then the refund will be issued. If you miss this deadline, you can also file belated ITR. At the same time, ITR-2 and ITR-3 forms have also become active.

How can you file income tax return?

• First of all you have to go to the income tax website incometax.gov.in.
• If you are already tax registered, then you have to enter your PAN and login.
• After this, click on ‘File Income Tax Return’ under the e-file tab and then select the assessment year.
• Then select your category like Individual, HUF and others and then choose (ITR-1,2,3,4).
• Now fill all the information and follow the process.
• When the form is completely filled, do not forget to E-Verify your ITR at the end.
• If you do not verify within 30 days of filing ITR, then you will not get a refund.

What documents are required?

If someone is filing ITR, then he must have PAN and Aadhaar, bank statement, Form 16, donation receipt, stock trading statement and bank account which is PAN linked. You must have all these documents.

For whom filing ITR is mandatory

Before filing income tax return, one should know for whom this filing becomes mandatory. If you spend more than Rs 2 lakh on foreign travel, electricity consumption of Rs 1 lakh or more or more than 1 crore deposit in one or more current account, then it is mandatory to file ITR. Apart from this, if there are 60 lakh business equities or TDS and TCS amount is more than Rs 25,000, then he can file ITR.

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