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With tax season approaching and the average tax refund increasing yearly, it is obvious that you want it right away.
We know you work hard for your money and a refund may be the extra cash you’ve been waiting for. It is there for likely to have a question “Where’s My Refund?”
So we have prepared this article to familiarize you with what happens after you hit the e-file button.
Here is a breakdown of Income Tax processing times, how your tax return will progress through 3 stages with the Income Tax Department-“Return Received”, “ITR-V Received”, and “Refund Cheque Mailed” once you e-file, and where you can go to check your refund status so you understand “Where’s My Refund?”
Refund Processing Time
E-filed tax returns – E-filed return is the fastest way to get your tax refund. The Income Tax Department states that 9/10 e-filed tax returns will be processed within a month of acceptance.
Mailed paper returns – Refund processing time is 2 to 3 months from the date the Income Tax Department receives your tax return.
Refund Process
Instant Acknowledgement:
When you E-File your taxes through Tax Software, you will get an instant on screen acknowledgement. We will also email you the PDF receipt, so you have it whenever and wherever you need it.
Return Uploaded within 24 – 48 hours after e-file –
Acknowledgement Received (ITR-V):
You will have to sign and mail ITR-V acknowledgement to the Income Tax Department. On receiving your ITR-V, the Status will reflect ITR-V received.
Will I see a date right away when I check status in “Income Tax Refund Status”?
Income Tax Refund Status tool will not give you a date until your tax return is received, processed, and your tax refund is approved by the Income Tax Department.
It’s been longer than a month since the Income Tax Department has received my tax return and I have not received my tax refund. What’s happening?
Some tax returns take longer than others to process depending on your tax situation. Some of the reasons it may take longer are incomplete information, an error, or the Income Tax Department needs to review it further.
Haven’t filed your taxes yet? Get that much closer to your money and file today. You may even be able to e-file your tax returns for absolutely nothing and have your tax refund in your pocket within a month.
