From salaried employees to businessmen, refunds are being credited to their accounts rapidly. Earlier, these refunds used to take 20 days, 1 month or sometimes even 3 to 4 months to arrive, but now refunds are arriving within 24 hours or at most 5 to 10 days.
Filing of income tax returns for the financial year 2024-25 has started. At the same time, ITR-2 and ITR-3 forms have also been activated on the income tax website, due to which the number of ITR filers is increasing rapidly. The refund is also being issued at the same speed as the number of income tax filers is increasing. This time the Income Tax Department is sending refunds to people faster.
Refunds of salaried employees and businessmen are being credited to their accounts rapidly. Earlier, it used to take 20 days to 1 month or sometimes even 3 to 4 months for the refund to arrive, but now refunds are coming within 24 hours or maximum 5 to 10 days. If you have not filed ITR yet , then do so soon, because its deadline is also slowly coming closer.
Till when can you file your return?
This time the deadline for filing income tax return is 15th September. You will have to file your income tax return before this, only then will your refund be issued. If you miss this deadline, you can also file a belated ITR. Now ITR-2 and ITR-3 forms have also become active.
How can you file income tax return?
First of all you have to visit the Income Tax website incometax.gov.in.
If you are already tax registered then you will have to enter your PAN and login.
After this, under the e-file tab, click on ‘File Income Tax Return’ and then select the assessment year.
Then select your category like Individual, HUF and others and then choose (ITR-1,2,3,4).
Now fill in all the information and follow the process.
Once the form is completely filled, do not forget to E-Verify your ITR at the end.
If you do not verify within 30 days of filing ITR, you will not get a refund.
What documents are required?
If someone is filing ITR, then he must have PAN and Aadhaar, bank statement, Form 16, donation receipt, stock trading statement and bank account linked to PAN. You must have all these documents.
For whom filing ITR is mandatory
Before filing income tax return, one should know for whom this filing is mandatory. If you spend more than 2 lakh rupees on foreign travel, if you have electricity consumption of 1 lakh rupees or more or if you have more than 1 crore deposits in one or more current accounts, then it is mandatory to file ITR. Apart from this, if there are 60 lakh business equities or if the TDS and TCS amount is more than 25,000 rupees, then one can file ITR.
Most Read Articles:
- New Vande Bharat Train: Good news! 4 New Vande Bharat train will run on these routes soon with 16 coach, check routes & other details
- Post Office Scheme: Big news! Post Office has reduced the interest rates of this scheme, know how much return you will get now
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
