How Long Will It Take To Get My Tax Refund (And Why)?

Exact Answer: 1-3 Weeks

A tax refund is the money you get back when you pay more taxes to your state government that or the federal government. Through the payroll withholding, the government cuts a check for the amount that has been overpaid by you. Filers who overpay their taxes during a particular financial year can accept a tax refund. But before you do all this it is important that you file your tax returns to get back the money owed to you by the state or the federal government. This money can then be used by you for future investments. The experts generally refer this money as the “free money” and an interest-free loan. The tax refunds can be used for growth of your retirement plans, emergency funds or funding for future financial goals.

How Long Will it Take to Get my Tax Refund?

Delivery TypeDelivery Time
online registration submitted with direct deposit1-3 weeks
In-person registration with direct deposit3 weeks
Online registration with refund check in the mail6-8 weeks
In-person registration with refund check in the mail6-8 weeks

Tax refund means is the money you get back when you pay more than the taxes (either by TDS or TCS or Advance tax or self-assessment tax) you are supposed to pay. The tax is calculated to be taken is calculated after the Income Tax Department takes a look at your exemptions, total income and deductions in the financial year. Your financial situation marks the amount of tax refund you will get. If you are someone who is a regular payer of taxes and has paid more to the government then you will get tax refund after proper verification of documents.

For claiming your tax refund, send a written proof to the Department of Taxes including all the details about your exemptions, total income and deductions in the financial year . This is done by the process of filing your income tax returns. This ensures that the refund gets reflected back into your income tax return filings. You must file the return online in advance to prevent any last minute hustle.

You must check that your Income Tax return is verified within 120 days. If the ITR has been verified, only then the refund will by processed by the Income Tax Department. If you have forgot to file your income tax return you can still do that by filing the belated/late return. Income tax return filing is the perquisite step to claim your tax refunds. The refund might take time depending on how you have filed the refund.

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You can even track your refund with the online facility offered by the Income Tax Department. Taxpayers can easily check the status of their refund 10 days after their refund has been sent. You will have to use your PAN number and select the assessment year. Then, finish the e-filing of your refund. One thing that could help you get you tax refund faster is by filing the refund online. The requests are foreseen faster with e-filing.

Why Does it Take This Long Will it Take to Get my Tax Refund?

There are many reasons why there can be a delay in your tax refund. Firstly, check that all your documents were verified and have been properly uploaded. Secondly, keep in mind the eligibility criteria for the tax refund. It is important that you verify your income tax refund within 120 days. Any delay in the verification process can result in the delay of the tax refund.

If your income tax refund has been verified and you still haven’t received the refunds within the specific time then, here are a few reasons that might delay it:

  1. ITR status is still under processing which may delay the funding process.
  2. Notice has been sent by the IT department regarding filed ITR.
  3. ITR has been processed and there is no refund due.
  4. The return is processed but the delay might be due to human errors like wrong account number, incorrect postal address, wrong phone number or mail account etc.

In accordance to the Income Tax Department, the refund after processing of ITR gets reflected back in your bank account after 30-45 days from the date of e-verification of Income Tax Return. Filing the ITR manually or not filing the return may result in an error like ” “No e-filing has been done “. If the tax return is filed online it will not get get a refund. Before expecting the Tax refund keep in mind that filing tax return is the prerequisite step for getting a refund.

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An error like “Refund is already credited to bank account” signifies that the refund has been processed by ITR and credited to the bank account number provided by you. In case you haven’t received the refund contact 1800 425 9760 or mail at itro@sbi.co.in. If the cheque has been encashed but not by you, contact through the same mail or toll free number.

“ITR processed but need to submit rectification request” means that there is mismatch in calculation of department and ITR filed. The income tax department also gives interest on the delayed refunds. A simple interest of 0.5% per month to the delayed refund is also made by the Income Tax Department. You can check the status of your income tax refund by following the steps below:

  1. Visit Income tax official website
  2. Enter PAN, password and captcha code
  3. Go to “View returns/forms” -> Income Tax return
  4. Click on acknowledgement number

In case the refund has been paid, the details of payment mode, date of credit and refund amount will be shown.

Conclusion

These are the given reasons why there might be a delay in the income tax refund. A delay after 30-45 days of the e-verification process is regarded as the delay in the tax refund. The tax refund takes around 1-6 weeks to process after the full financial year. It is important to keep in mind that you first file you Income Tax return and then the Tax refunds. In case, you are failing to file your returns, visit a professional. Keep in mind that you carefully fill all the details to prevent any delay from your own side. Keep a regular check on the status of your refund.

References

  1. Getting Your Refund – Once Your Tax Disputes Are Resolved Ask the Expert 71 Tax Executive 2019 (heinonline.org)
  2. https://egrove.olemiss.edu/cgi/viewcontent.cgi?article=1129&context=dl_hs