Tax Day 2024 Refund Policy. If an income tax return is filed by the due date, the taxpayer is entitled to interest at a rate of 0.5% per month or part of a month, starting from april 1, 2024, until the refund is issued. As taxpayers wait for faster processing and refunds, tax experts say it is difficult to predict when refunds will be processed for.
How long does it take to get an itr refund? In certain cases, refunds were issued within 24 hours of filing, while in other cases, taxpayers have been waiting for the tax department to process their refunds for over a month.