ITR-3: This process may take longer, usually 30-60 days, as ITR-3 involves complex data, such as business income, which requires more detailed scrutiny.
New Delhi: Many taxpayers have filed their income tax returns for the assessment year 2024-25 and are eligible for refund, but the amount of Income Tax Refund has not yet come to their bank account. If you have submitted ITR-2 or ITR-3 for the financial year 2023-24, then it is expected that you have not received tax refund yet. Let us tell you that till your ITR is not verified by the Income Tax Department, the refund amount will not be released.
ITR-1 takes the least time
Actually, the process of proceeding of ITR-1 is simple. After this, the process of ITR-2 and ITR-3 is complex. Individuals who filed their ITR using only Form 16, their tax returns were settled in less than 10 days and they got the refund within 15 days.
ITR-2: The ITR-2 form contains additional information like capital profits, which is subjected to detailed verification and scrutiny. Therefore, this process usually takes 20 to 45 days, but sometimes it may take a little longer due to the requirement of additional detailed information.
ITR-3 refund takes the longest time to arrive
ITR-3: This process can take longer, usually 30-60 days, because ITR-3 involves complex data, such as business income, which requires more detailed scrutiny.
How to check ITR Refund Status?
Step 1– To check the income tax refund, you must first go to the home page of the e-filing portal.
Step 2- After that, login by entering your ID-password.
Step 3- Go to e-file tab > Income Tax Returns > View Filed Returns.
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