Everyone waits for a refund after filing an income tax return. Returns can be filed for FY 2022-23, but how long to wait for a refund? How often do I get a TDS refund? How to know the status after filing the return? These questions are in the mind of taxpayers. Let's find out the answer.
How to find out income tax refund?
The last date for filing ITR is July 31, 2023. After processing the return, if the Income Tax Department finds your application correct, then its information will be sent through SMS and email. In this message, the Income Tax Department will tell you how much refund you will get.
In how many days does the refund come?
The e-filing process of income tax returns has become faster. If the return is filed on time, the refund comes quickly. According to CBDT, the average of tax refunds has come down to 16 days in FY 2022-23 from 26 days in FY 2021-22.
There has been a good pace in completing the process within a day of filing the ITR. This has increased from 21 per cent in the assessment year 2021-22 to 42 per cent in 2022-23. The Income Tax Department had issued the maximum number of 22.94 lakh returns in a single day on 28 July 2022.
