ITR Filing 2023: The Income Tax Department has in a notification recently highlighted that numerous instances in which ITRs have been processed, and refund amounts have been calculated.
The process of income tax refunds involves crediting the refund amount directly into the taxpayers bank account. Therefore, it is necessary that taxpayers validate their bank account information on the e-filing portal. This ensures that the refunds are disbursed efficiently and securely.
Once the income tax is filed and verified, then an individual waits to get the income tax refund (if any due). However, not many people are aware of the time it takes to get the income tax refund from the income tax department. Read on to know what income tax laws say about it.