The last date for filing the Income Tax Returns (ITR) for the salaried employees is over, and the taxpayers are eyeing for the refund of their amount paid
through TDS, TCS, advance tax or self-assessment tax. Income Tax Department issues the refund when the amount of tax paid by a taxpayer through these routes is higher than the actual tax liability calculated after considering all eligible deductions and exemptions. Notably, the final tax payable on the income is determined after considering all eligible deductions and exemptions during the assessment process. Refunds for error-free returns are usually issued relatively quickly. The timeline depends on factors such as successful e-verification, processing of the return and whether any discrepancies are identified. The deadline for filing ITR Forms 1 and 2 for Assessment Year AY 2026-27 was July 31, 2026. According to a post by the Income Tax Department on X, more than 5.9 crore income tax returns were filed before the due date.
What is the Timeline for tax refunds?
The tax refund may not be credited immediately, even if an ITR has been marked as processed. The refund processing by the tax department begins only after the taxpayer e-verifies the return.
It usually takes nearly four to five weeks for the refund to be credited to the taxpayer's account.
The taxpayers are also advised to check whether they have received any intimation regarding discrepancies in their tax return. It is advised to look for emails or SMS alerts from the income tax department, and verify the refund status on the income tax e-filing portal.
