The income tax filing deadline for FY 2023-2024 has passed, and many have received their refunds. However, some are yet to receive theirs. This article provides a guide on the different ITR forms, their processing times, and how to check the status of your refund.
The last date to file income tax returns for the financial year 2023-2024 was July 31. This time around 7.5 crore people have filed ITR. Of these, about 74% got their money back on time. But many more, about 26% of ITR beneficiaries, have not received their money back. In such a situation, if you are looking for answers to questions related to getting your money back, here are the answers to all your questions.
First know what is ITR form!
It is important to know what an ITR form is. These forms are of three types.
ITR 1 is the form filled by salaried persons. That is, salaried people.
ITR 2 is for residents in India, non-resident Indians and undivided Hindu families (HUFs). The person filling this form may have other sources of income. This includes foreign income to agricultural income.
ITR 3 should be filled by businessmen.
When will the money be returned for which form?
Form 1 i.e. money for salaried class will be processed within 15 days of filling the form.
Form 2 is 20 to 45 days.
Form 3 takes 1 to 2 months.
If the money is not refunded after filling the form, you can check the status of the ITR refund.
How to check ITR refund status?
1. First go to the official website of Income Tax.
2. Login using your Aadhaar and PAN card number.
3. Here you can see the option of Income Tax Revenue in the E-File tab.
4. Click on View Filed Returns here and select the assessment year.
5. The reasons for non-receipt of income tax revenue will be displayed here. You will see options like problems, processing, partially processed, not fully processed or failed.
If your ITR status is failed, your account has not been verified. There may be some discrepancies in your documents in your name. Apart from this, the bank account or IFSC code may be wrong. If this is rechecked, the money will be refunded. Are you also waiting for your IT return money. Check now and benefit!
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