How Long Does It Take to Get Your Refund After Submitting ITR 2020-2021?

The duration it takes to receive a refund after submitting an ITR (Income Tax Return) can vary depending on several factors. This guide will help you understand the typical timelines and what to expect during the refund process.

Factors Affecting Refund Timelines

There are several factors that can influence the time taken to receive your refund after submitting ITR 2020-2021. These include:

The accuracy of the return The method of filing (e-filed, manually filed, or ITR-V) The verification process The status of your bank account and pre-validation Any adjustments against earlier demands

Typical Timeframes for Refund

Based on these factors, here are the typical timeframes for receiving an income tax refund:

Marriage, Special Conditions, and Faster Processing

Under special conditions, particularly for marriages, refunds can be processed within 3 days if all the necessary information and accounts are correctly provided.

However, for the general public, the typical timeframe for receiving an income tax refund after filing ITR 2020-2021 is between 20 to 45 days. If your return was e-filed and e-verified, the process can be completed within 24 to 45 days. If verification was done via ITR-V sent to CPC Bengaluru, it may take longer, approximately 45 to 60 days.

Manually filed returns can take several months, especially if the return involves complex issues or discrepancies that require further verification or assessment.

What to Do If You Don’t Receive Your Refund On Time

If your refund is not received in 45-60 days, there are several steps you can take:

Check for Notifications and Discrepancies

First, check your email for any notifications from the Income Tax Department regarding the refund. There may be discrepancies in the ITR that need to be addressed.

Second, contact your chartered accountant (CA) for more information. Your CA can help you navigate any issues or discrepancies and ensure that all necessary information is provided correctly.

Third, if the refund is still not received within the expected timeframe, you can directly contact the Income Tax Department to inquire about the status of your refund.

Recent Changes and Improvements

It is worth noting that the system has been optimized due to late interest expenses, resulting in faster processing and refund crediting. According to the Income Tax India Filing Guidelines, you can expect the refund to be credited within 15 days of an assessment.

Also, the validity period for income tax refunds is generally 90 days after the filing of ITR. However, the system has been improved, and refunds are typically processed within 1431 days, which means refunds are usually credited within 15 days as per the 1431 Issued.

Conclusion

Overall, the time it takes to receive your refund after filing ITR 2020-2021 can vary based on various factors such as the accuracy of your return, the method of filing, and the verification process. However, with the improvements in the system, refunds are typically processed within a few weeks to a few months, and any concerns can be addressed through appropriate channels.