ITR Filing 2024: List of Authorised Banks, Refund Process, And Many More | Check Details

The deadline for filling out your income tax returns (ITR) is coming, and it is better to file it before the last date of July 31, 2024, to save yourself from any kinds of penalties. Taxpayers can also pay their taxes online through the e-filing portal. 

According to the rules, if your tax liability exceeds the value of TDS (tax deducted at source) you paid during the year, you need to settle the outstanding amount, and this can be done online with any of the 28 authorised banks by the Income Tax Department. The list of banks includes Axis Bank, HDFC Bank, ICICI Bank, and the State Bank of India. 

Some of these banks include Axis Bank, HDFC Bank, ICICI Bank, and the State Bank of India. Moreover, the following are the other banks with which you can file your tax returns.

You can file your taxes with Axis Bank, Bandhan Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, DCB Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Jammu & Kashmir Bank, Karur Vysya Bank, Kotak Mahindra Bank, Karnataka Bank, Punjab National Bank, Punjab & Sind Bank, RBL Bank, State Bank of India, South Indian Bank, UCO Bank, Union Bank, and Dhanlaxmi Bank.

The Refund Process

According to the norms, if the amount of your TDS and TCS (tax collected at source) exceeds your tax liability, then the tax department will issue a refund to you. The process of this refund is processed within days or weeks of tax filing and credited to your bank account through the linked e-portal account.

The tax professionals also note that the processing of income tax takes between 15 and 45 days from the completion of e-verification. Moreover, for those who are using the offline verification method (ITR-V Form), the process can take longer. 

According to some experts, the time to process a return by the tax department can vary, as some of the returns are processed on the same day or within the month, but can go up to a month depending on the workload of the tax department. 

After the Tax Department processed an IR, the taxpayers received an intimation under Section 143(1) of the Income Tax Act, 1961. And according to it, no intimation can be issued after nine months from the end of the financial year in which they filed the return. If someone has filed an ITR for the financial year 2023–24 (AY 2024–25), taxpayers should expect to receive the notice by December 31, 2024. 

Moreover, if the income tax return hasn’t been processed in a timely manner, you can go to the income tax portal and share your concern via the “Grievance” tab or contact the helpline of the Central Processing Centre (CPC). 

Factors affecting ITR processing time

Following are the factors that can determine the duration of the ITR process:

• Type of ITR form user
• Complexity of the return
• Numbers of claims for deductions or exemptions 
• Whether the claims are already covered in the Form 16 

For understanding the complexity of the form, forms like ITR-1 are simpler, are used by individuals with straightforward income, and are processed easier, whereas forms like ITR-3, which involve business or professional income, take longer to process. 

Intimations after ITR processing

As the ITR is processed, the person will get an intimation notice under Section 143(1) that can indicate one of the reasons listed below: 

Tax Demand Intimation: If any discrepancies are found in the process, one may be asked to pay the additional tax due to the errors or adjustments. 

Tax Refund Intimation: If no issues are found, a refund is issued or adjusted if it is necessary. 

No Demand or Refund: if the return is processed without any changes affecting the tax liability, in that case no action is required. 

After understanding all of these details and the outcomes, you can easily navigate and file the ITR and address any issues proactively.