Income Tax Refund Rule 2024: The Finance Minister provided a significant update on the ITR Refund. To find out how soon the money will arrive, check the status here

Income Tax Refund Rule 2024: Status of Income Tax Refunds for FY 2023–2024,The Finance Minister claims that the country’s income tax return system overhaul is the cause of the accelerated ITR processing.

Income Tax Refund Rule 2024: Over 7.28 crore income tax returns have been filed for the assessment year 2024–2025. ITR processing has accelerated since then. Because of this, taxpayers can now expect their ITR refund to arrive in their bank accounts shortly. The time it takes to complete an ITR has reportedly dropped significantly over the past few years, according to Finance Minister Nirmala Sitharaman. This is a significant tax-related accomplishment for the Modi administration.

Income Tax Refund Rule 2024, How many days do you get your refund after filing your ITR?

The Finance Minister claims that the nation’s ITR processing time has decreased to 10 days from 93 days in 2013. This has made the return process speedier than it was previously. The system for processing income tax returns is being updated, the personal tax system is being made simpler, and tax returns are being processed more quickly.

Income Tax Refund Rule 2024, When will the refund for income taxes arrive?

Everyone is curious about when they would receive their income tax return in such a scenario. Have you completed your income tax return (ITR Filling 2024) and are you anxiously awaiting your reimbursement? Thus, allow us to inform you that the Income Tax Department’s e-filing platform, Incometax.gov.in, allows you to monitor the status of your tax refund. Here, we’ll walk you through the exact steps to use the National Securities Depository (NSDL) website and e-filing interface to verify the status of your tax refund.

Income Tax Refund Rule 2024, How can I see the status of my income tax return?

The procedures listed below should be followed if you have filed your ITR and would like to verify its return status (ITR Refund Status). Using your PAN card, you can use this to check the status of your ITR refund (ITR Refund Status Check With PAN Card).

Visit the www.incometax.gov.in website first. After that, use your PAN and password to access the website.
Navigate to the “e-file tab” after logging into the electronic filing site. There, choose the “view filed return” option. All of the filed returns’ details are displayed here.
To see the current state, you have to click on the option of ‘view detail’. The ITR file’s status will then begin to display on your screen.
Details on any refunds you may have received from the Income Tax Department are displayed there. There, you will also find details on the date of clearance, the amount of the return, and the method of payment.

Income Tax Refund Rule 2024, How to use the NSDL website to check the status of an ITR refund

On the NSDL website, you may find out the current status of your tax refund. Simply type in your PAN number and choose the assessment year here. Click Proceed after entering the captcha code.

To check the status of your income tax refund online, you’ll need these items (ITR Status Check Online).
In order to access the Income Tax e-filing system, you need to have a working user ID and password.
Your Aadhaar and PAN number need to be connected.
You need to know the ITR acknowledgement number that you filed.

ITRs were filed 7.5% higher than the previous year.

The Finance Ministry recently revealed data showing that 7.28 crore ITRs were filed for the assessment year 2024–25 up until July 31, 2024. Compared to the previous year, this is 7.5% greater. The Finance Minister stated that 72.8 percent of all ITRs deposited up until July 31 had been filed in accordance with the new tax law.

The number of first-time ITR filers for the fiscal year 2023–24 was 58.57 lakh as of July 31, indicating that as the economy grows, so does the number of tax payers in the nation.