Who will get quicker refund among filers of
ITR - 1,2 & 3
For those who have filed ITR -
1, 2 or ITR – 3 for AY 24, the burning question is : Who will received their
refunds earlier ?
Understanding ITR-1, ITR-2 & ITR-3 :
ITR-1 form: Form ITR-1, can be
used by an ordinary Resident Individual with a total income of up to Rs 50
lakh.
ITR-2 form: This from is for
individuals or Hindu Undivided Families (HUFs) who do not have income from
business and profession.
ITR-3 form: The ITR-3 form is
designed for individuals and HUFs engaged in business or professional activities,
requiring the maintenance of detailed books of accounts.
As ITR-1 is the most basic of
the tax forms, its processing time is typically much quicker compared to other
forms. Refunds are often credited soon after the form is processed. But there
are some other factors too
Accuracy of information:
Errors or discrepancies in the ITR can lead to delays or even rejection of
refund claim.
E-verification: Promptly
e-verifying your return can significantly reduce processing time.
TDS reconciliation: Mismatches
between TDS claimed and TDS reported by deductors can lead to additional
verification steps.
High-value refunds: Large
refund amounts may trigger additional scrutiny, potentially extending the
processing time.
For More Details: Pooja Manoj Gupta, visit www.giia26.com
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