F or many taxpayers, the wait for their Income Tax refund continues for even weeks after filing. The due date for filing Income Tax Returns (ITR) for most individual taxpayers closed on September 16, and while the Income Tax Department has already processed a majority of refund requests, a significant number are still pending.

The IT portal states that it typically takes 4–5 weeks for refunds to be credited to the taxpayer’s bank account. Refunds involving larger amounts may take longer due to additional verification checks.

If your ITR was filed before September 16, the Income Tax Department will pay interest at 0.5% per month starting April 1 until the refund is issued.

Refund issuances, as per official data updated till last week, dropped about 18 per cent to over Rs 2.42 lakh crore

See Full Page