ITR Refund: I have filed an ITR. When will I get refund? How I can check it

ITR Refund: The last date to file income tax return was July 31. The Income Tax Department said on Tuesday that a total of 6.77 crore people filed the income tax, 16.1 per cent more than the total ITRs for AY 2022-23 (5.83 crore) filed till July 31, 2022. Just on the last day of filing the return, 64.33 lakh filed the income tax return.

Out of the total ITRs filed, 5.63 crore returns were e-verified.

Of the e-verified ITRs, 3.44 crore ITRs had been processed (61%) by July 31, 2023, as per information provided by the income tax department.

Among the 6.77 crore people, 53.67 lakh were first-time taxpayers.  

Who Gets Tax Refund

The Income Tax (I-T) Department provides refunds to those taxpayers who have paid tax in advance or have had TDS deductions on their income.

This is an additional tax that is returned to you under Section 237 of the Income Tax Act 1961.

Once you file your income tax, the I-T department verifies your documents to check whether you are eligible for a refund. If you have paid tax in advance, it is returned to you.

Eligibility Criteria to Get Refund

You can get a refund from the IT-department if you meet certain conditions:

1. If the advance tax that you have paid is more than 100 per cent of your actual tax liabilities in the financial year under review.

2. Your TDS payments are more than your final tax liability after regular tax assessment.

3. You made some last-moment tax-saving investments that could have been claimed as exemptions under Setions 80C, 80CCC, 80CCD and 80D.

4. You made some error in your assessment and accidentally paid taxes in excess.

5. You paid your tax in a foreign country that has a double taxation avoidance agreement (DTAA) with India.

How Can I Claim Refund?

Make sure that you fill the correct IT form and mention the right information in it.

At the time of filing your return, you check the advance tax payments you have made in Form 26 AS.

If your advance tax payments in the form are more than the tax liability you have mentioned in your ITR form, you will be eligible for a tax refund.

You can also fill Form 30 and ask the I-T department for a review of your income tax payments against your tax liability.  

To know the current status of your income tax refund, keep checking your e-filing dashboard.  

The Last Date to Claim Income Tax Refund

The rule of thumb is that you can claim a refund within 12 months of the end of the assessment year for which you have filed your ITR.

But CBDT allows a tax refund on the income tax paid within six successive assessment years.  

The total claim amount for an assessment can't be more than Rs 50 lakh.

Plus, you won't get interest income on the tax refund.

But if the refund amount is equal to or more than 10 per cent of the total tax paid under Section 244A, an interest of 0.5 per cent is levied on the refund tax amount and paid to you.

How I Can Check Refund Amount Online

Here is the process for checking the refund status online-

Check income tax refund status through e-filing website:

Go to the official e-Filing portal.

Login to the portal with your User ID/ Aadhar/ PAN, password, Date of Birth, or Date of Incorporation.

Enter the captcha code available on the screen.

Go to the ‘My Account’ section.

Click on the ‘Refund/ Demand Status’ option.

The status of your refund will be displayed.

Check Income Tax Refund Status Through TIN NSDL

Visit the official website of TIN NSDL Refund Status

Enter your PAN Number, the assessment year, and the captcha.

Click on Proceed.

The status of your refund will be displayed.

When will I get my refund?

Now, this is the most important question after you have ensured that you are eligible for the refund amount.

There is no particular date for getting your refund.

But generally, it takes a week to 10 days.

However, it can be delayed if the IT department finds some discrepancies in your assessment and asks you to revise it.

People who filed their income tax early have already got their refund.

However, people who have filed their ITR near the deadline of July 31 may get it a little late because of the sheer volume of ITRs filed in last few days.