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Tax, Mutual Fund Expert - Answered on Jul 23, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
sanjay Question by sanjay on Jul 21, 2023Hindi
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Money

Sir, I have files IT Return forF.Y. 2023-2024 on 18th June, 2023 but till today I have received my IT Refund of Rs. 40000/-. How long it would take to get IT Refund.

Ans: Dear Sanjay,

I understand your concern about the delay in receiving your Income Tax refund. Generally, the Income Tax Department processes refunds within 20-45 days after the Income Tax Return (ITR) has been processed. However, the exact time can vary and it may take up to 90 days or even longer in some cases.

If you have not received your refund within this period, I would recommend you to check the status of your refund online. You can do this by visiting the official website of the Income Tax Department. If the status shows as 'Refund Paid', but you have not received it, there might be an issue with the bank details you have provided. In such a case, you should contact your bank or the Income Tax Department for further assistance.

Please note that the processing time can also depend on the accuracy of the details provided in the ITR and the time of the year you have filed the return. The sooner you file your ITR, the earlier you are likely to receive your refund.

Best Regards.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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