Income Tax Refund (ITR) Status

The due date to file an ITR return is 31st July 2024 for non-audit cases and for cases requiring an audit, the due date is 31st October 2024. The income tax return filing season is over. Are you waiting for your income tax refund?

paid more taxes than your actual liability, you can request a refund for the excess amount. The Income Tax Department offers an online facility for tracking your Income Tax Refund status. You can easily check the progress of your refund by entering your PAN (Permanent Account Number) and the applicable Assessment Year.

Tax refunds are initiated by the tax department once you have e-verified your return
Typically, it takes 4-5 weeks for the refund to be deposited in your bank account
If the refund is not received within this timeframe, you should consider these steps:
- Check intimation for any discrepancies or errors in your ITR (Log in to e-filing portal > e-File > Income Tax Returns > View filed returns)
- Check your email for notifications from the Income Tax (IT) department regarding the status of the refund.
- Check the refund status using the methods provided below

What is an income tax refund?

When a taxpayer makes an excess payment of income tax to the government against its actual income tax liability for a given year, the income tax department refunds the excess amount paid after due assessment. This refunded amount is known as an ‘Income tax refund’.

How to Check your ITR Refund Status for FY 2023-24?

You can check your refund status using either of these methods:
- TIN NSDL website
- Income tax e-filing portal
Refund Status check on TIN NSDL Portal
- Go to this online refund checking facility
- Scroll down and enter your PAN, AY, captcha, and then click on ‘Submit’.

When can you claim an income tax refund?

Excess TDS deducted-
- The employer generally deducts taxes after considering various documentary proofs provided to him by an employee pertaining to, say, 80C investments, medical insurance premium under 80D, etc. However, there are instances where an employee cannot furnish proof for a few such investments before the end of a particular financial year. Accordingly, the employer goes ahead with a higher deduction. However, the employee can claim the benefit of such investments while filing their return of income and therefore claim a refund of the higher taxes paid,
- Certain individuals may not fall within the taxable bracket at all, i.e. their income would be less than Rs 2.5 lakh. Hence, they would not have to pay any taxes. Yet, taxes would have been deducted from their income. This being so, they can claim a refund of the excess tax deducted;
Excess TDS was deducted from your interest income- Banks may deduct TDS on interest accrued on FDs or bonds if the amount exceeds the threshold limit specified in the Income Tax Act.
Excess advance tax paid- The advance tax paid on the basis of self-assessment was more than the actual tax liability for the given FY. This advance tax can be claimed as a refund while filing ITR.
Taxpayers may be called upon to pay additional taxes- The income-tax officers may make certain additions to taxpayer’s income during income tax proceedings. Such additions may be deleted by appeal authorities. Accordingly, the taxpayer will be refunded the taxes he would have paid.
In case of income taxable in more than one countries i.e income is doubly taxed– This situation can arise when a person is a citizen of one country but receives income from another country. However, India has entered into a Double Taxation Avoidance Agreement (DTAA) with many countries wherein the agreement allows you to claim a tax refund if you are a non-resident Indian and your income is taxable in other countries. Any payment of excess tax can be claimed as a refund under this DTAA agreement.

How to claim an income tax refund?

An income tax refund can be claimed simply by filing ITR. Please note that the IT department will process the ITR for refund only if the ITR is verified through any of the online modes or by offline mode (sending a signed copy of ITR-V). Further, the refund from the IT department is subject to assessment/verification by the IT department. A refund is received only if the refund claim is found to be valid and legitimate.

Refund Status check on Income Tax e-filing Portal

Step 1: Visit the income tax portal and log in to your account

Step 2: Click on ‘e-File‘, choose ‘Income Tax Returns’ and then select ‘View Filed Returns’

Step 3: You can see the status of your current and past income tax returns.

Step 4: Click on ‘View details’ and you’ll see the status of your income tax refund, like in the picture below.

FAQs

How long will it take to get the refund?

The time taken to receive the income tax refund entirely depends on the Income Tax Department’s internal process. Generally, it takes around 7 to 120 days, with an average time of 90 days after you have e-verified your return. The Income Tax Department implemented a new refund processing system to enable faster refund processing with an expected turnaround of a few days instead of a few months.
Consistent with this objective, the average ITR processing duration has been reduced to 10 days for returns submitted in the AY 2023-24, as opposed to 82 days for returns submitted in the AY 2019-20 and 16 days for returns submitted in AY 2022-23.

How will I receive the refund?

The Income Tax Department will send the refund amount through electronic mode (direct credit to the account) or through a ‘Refund Cheque’. You must enter the correct bank account number and IFSC code with complete address details, including the PIN code, at the time of filing your return to receive refunds. Refunds sent through cheques are dispatched to the address mentioned in the ITR through speed post.

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