LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Refund processing time this year

Ram K (NA) (214 Points)

05 February 2021

Dear Sir/Madam,

This year AY 20-21 I have some Incometax refund due. The ITR intimation has indicated the refund with some interest amount.

Last year they took almost 2 months to credit it. This year I am more worried that due to overall sluggish economy due to corona it might take more time. Do you have any idea if any of the refunds have been timely processed by the IT department this year?

I mean those of you who are in finance like CA's might be knowing how refund processing is happening this year, is it timely or delayed?

Thanks and regards,

Reply
Follow
Share

2 Replies

Piyush Oswal (15 Points)
Replied 05 February 2021

If you have filed ITR 1 or ITR 4, refund should be processed within a week under jhatapat processing scheme. However, if don't get in time you can always place refund request from IT portal or file an grievance for the same. there is no specified time as such for the processing of refund. that is why they have introduced the concept of levying interest in case of late refund to reduce hardship of taxpayers

Ram K (NA) (214 Points)
Replied 06 February 2021

The point is there is no timeline after ITR intimation is received as to how quickly refund should be processed. Last year they took 4 months to change ITR verified status to processed and then again another 2 months to credit refund in the bank. I had to file ITR2 due to some capital gain/loss this time but still overall there's refund.