
The income-tax department has reported a record more than 7.8 crore I-T returns (ITR) have been filed for financial year 2025-26 i.e. assessment year 2026-27 (FY26 / AY27) till 31 August. This is higher compared to the 7.3 crore returns filed within deadline last year.
It stated that this figure includes the 5.9 crore ITR-1 and 2 returns filed by 31 July, while the rest include non-audit taxpayers with business or professional income who filed ITR forms 3, 4, 5 or 7 till August end, as per a PTI report.
Notably, I-T refunds are issued when the tax paid exceeds the actual liabilities after deductions. It is processed after ITR e-verification. Today, we explore the timeline for refund from the tax department, the likely cause of delay in case taxpayers who filed by July end have still not received credit, and how to check the status online.
The tax department begins processing your returns only once you have complete e-verification, according to information on the official e-filing portal.
Overall, this can take between four to five weeks for the refund to be credited into your linked bank account, it added. Thus, it is better for taxpayers to check status of their ITR in case there is no refund or intimation of final assessment (email or SMS) from the I-T department within this period.
The most common reasons for not receiving refund despite intimation from the tax department is incomplete account details or inactive links. This includes an active account on the e-filing portal, linked Aadhaar and PAN, and your ITR filing including the refund claim.
Other reasons that your refund may get delayed or fail include providing incorrect / inactive / closed / frozen / dormant bank account, invalid bank IFSC Code, bank account not being pre-validated, technical failure or rejection by the bank during refund transfer process, mismatch of details on bank account and PAN, and an inoperative PAN.
Further, there may also be a case where your refund is adjusted against outstanding tax demands from previous years; or a notice is sent regarding discrepancies in the ITR, TDS or income details, which requires further verification.
Notably, for companies and taxpayers (e.g. partners of firms whose accounts are subject to audit) whose accounts are required to be audited, the due date is 31 October. Further, taxpayers covered by transfer-pricing provisions under Section 92E have until 30 November, according to an ANI report.
Please note that refunds, if any, for these taxpayers will only come within four to five weeks after the ITR has been e-verified.
Disclaimer: This is only for informational and educational purposes. Please consult a qualified expert for the latest laws and regulations.
Jocelyn Fernandes is a journalist and editor with nearly 13 years of experience covering the business, corporate, economy and markets beats in news.<br> As chief content producer for around three years at Livemint (Hindustan Times), Jocelyn publishes breaking stories, explainers, features and live blogs on a range of business and economy topics, including the Budget, corporate developments, stock markets, income tax, money and personal finance, cryptocurrency, government policy, impact of US tariffs, international developments and more.<br> Jocelyn's writing philosophy is focused on delivering news in an accurate and accessible format for readers. She thus focuses her news coverage on explainers and FAQs in order to breakdown business, corporate, economic, and policy topics that are of importance to everyday readers.<br> She holds a Bachelors in Mass Media (BMM) and Post Graduate Diploma (PGD) in Journalism and Communication and has previously written for online business and markets news site Moneycontrol (Network18), Business-to-business (B2B) trade publications — the industry magazines Power Today and Solar Today (ASAPP Media), and the national news agency United News of India (UNI).<br> Outside of work, Jocelyn keeps up-to-date with local and international news, enjoys reading fiction books, novels and short stories, and enjoys movies, travelling and art. <br> She can be found on X and LinkedIn, and reached by email: <a href="jocelyn.fernandes@htdigital.in">jocelyn.fernandes@htdigital.in</a> <br> X/ Twitter handle: <a href="https://x.com/scribeJocelyn">@scribeJocelyn</a> <br> LinkedIn: <a href="https://in.linkedin.com/in/jocelyn-fernandes-journalist">LinkedIn</a>
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