1. What is Income Tax Refund?
Income tax refund means a refund amount that is initiated by the income tax department if the amount paid in taxes exceeds the actual amount due (either by way of TDS or TCS or Advance Tax or Self-Assessment Tax) and is known as an income tax refund. The tax is calculated after taking into consideration all the deductions and exemptions at the time of filing Income Tax returns.
2. How to claim an income tax refund?
To apply for your income tax refund or TDS refund required to provide the Department with written proof of salary and withholding information, in the form of your Tax Return. It is important to remember that an online refund is required to claim your Income Tax Return.Enter your Tax Return now: myitronline
3. I forgot to file my Income Tax Return within the due date, can I claim my refund now?
Don't worry, if you miss the bus, you can still file Belated / Late Return under section 139 (4) and you're ready to go! To find out more about Belated Return, check out our blog.The filing of the Financial Year (FY) 2020-21 Assessment Year (AY) 2021-22 has begun. Its deadline was 31 July 2021 extended to 31 December 2021 but the late return can be completed until 31 March 2022. After submitting and confirming your return by email, use our tool to check your refund status for -ITR.
4. I am eligible for a refund as per my ITR but haven’t received it yet?
The processing of refunds by the tax department begins only after the refund has been confirmed by email to the taxpayer. Generally, it takes 25-60 days for a refund to be credited to your account. However, If you have not yet received your refund by this time, you should check for discrepancies in your ITR; check your email for any notification from the IT department regarding refunds.
5. If it’s already been verified, then the reason for not receiving your refund can be:
- Your ITR status is still being processed.
- You have received notification / communication from the IT department regarding your ITR file. Eg, error notice / s 139 (9) or notice of proposed correction / s 143 (1) (a).
- Your ITR has been processed but the Income Tax Department has decided: No Refund Required.
- The refund was processed after determining the refund, but the refund could not be entered for reasons such as incorrect bank account number, incorrect postal address, etc.
- Your ITR has been processed after adjusting and the remaining requirements (if any).
6. How much time does it take for a refund to get credited to my Bank Account?
Generally, as mentioned earlier, it takes 20-60 days from the date of confirmation of your e-Return Tax for your refund. However, a guaranteed return by sending ITR-V to CPC Bengaluru, may take more time.
7. For how many previous years can I claim an income tax refund?
Previously, taxpayers were free to submit IT forms for two financial years. However, according to the new rules, IT refunds can only be included for one financial year. If possible, you have a refund for the years preceding the aforementioned year and forget to file a tax return for those years, then you can take a break from CBDT Circular No: 9/2015 to get a refund of the previous six years of testing. . So, according to this offer, you can claim a return for AY 2013-14; AY 2014-15; AY 2015-16; AY 2016-17; AY 2017-18 and AY2018-19. This circular can only be used if your refunds are the result of excessive tax / tax collection and / or excessive tax / tax self-assessment. In order to benefit from the above circular, you need to apply to the relevant authorities depending on the amount of the application.
|Amount of claim (refund / loss) for any one assessment year||Application To:|
|10 Lakhs or less||Principal Commissioner of Income-tax/ Commissioner of Income-Tax|
|More than Rs.10 Lakhs but less than Rs. 50 Lakhs||Principal Chief Commissioners of Income-tax/Chief Commissioners of Income-tax|
|More than 50 Lakhs||Central Board of Direct Taxes (CBDT)|
Note: These authorities have all the powers to make necessary inquiries or scrutinize to ascertain the correctness of the claim and accept/ reject your application. Also, in such cases the Income Tax department shall not pay any interest on the delayed refunds.
8. What is the meaning of the different “Refund Status” ?
No e-filing has been done
You may not have completed your return or submitted it in person.
To qualify for a refund, you need to complete your online refund as offline refunds are not eligible for a refund from F.Y. 2014-15.
Refund Not Determined
According to the Income Tax Department, no refund is determined after your ITR has been processed
Cannot repay the loan as the account number you provided is incorrect.
This means that the account number you provided was incorrect. Please apply for a refund by providing the correct account number to claim your refund.
Your refund may be considered a defective refund. For specific reasons, you can check this in your tax user user account account.
Return Post is also not verified
This means that your return was sent successfully but never verified by post or online mode. In addition, unless you confirm your refund, it will not be processed by the tax department. Therefore, please confirm within 120 days from the date of application.
Return Processed. Refund determined and Sent to Refund Banker.
This means that your refund claim has been forwarded to the bank for processing.
Therefore, wait a few more days and the refund amount will be credited to the bank account you specified when completing the refund.
Return Processed and Refund returned Unpaid
This means that the revenue department has sent you a refund but your address is incorrect or the bank details provided are incorrect, because the refund has not been paid / paid.
In that case you need to place a refund reissue request stating the failure reason under “My Account” -> Service -> “Refund reissue request”.
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e-Return for this PAN and Acknowledgement Number has been digitally Signed
This means that your return was successfully entered and digitally signed.
Return Submitted and Under Processing
This means that your Income-Tax Return has not been processed.It is being processed. In addition, there is no need to worry if you confirm the email or send your signed ITR V by mail as it will definitely be processed by the department sooner or later and after that you will receive a refund. It will be included with interest
Return Processed and Refund Paid
This means that your refund and refund have been successfully processed and the refund is deposited into your bank account. Now, no further action is required on your part this year.
9. What are the different ways in which refund is issued by the Department?
Refunds are sent by the Department of Revenue in two ways- RTGS / NECS: This is the fastest facility offered by the department for a refund. Under this center your refund is credited directly to your bank account. Paper Check: Under the new policy, tax refunds are not allowed by check. The Income Tax Department has modified the process of claiming ITR refunds slightly. The IT Department has been forced to pre-verify your bank account in which you wish to receive a tax return. Before verifying a bank account alone is not enough, each person needs to connect a PAN with a bank account. This is effective from 1 March 2019.
10. Will I also get any interest for the delayed refund?
Yes, the Income Tax department is under obligation to provide a simple interest firstname.lastname@example.org% per month to compensate for late repayments. for the period beginning 1 April of the relevant AY until the date of issue of the refund, in the event that the refund is deposited on time that is, on or before the due date. However, if the refund is not completed within the due date the interest period will be from the date of completion of the refund to the date of payment of the refund. IN this case, if the refund is less than 10% of the tax due. examination or intimation u / s 143 (1), means you are not entitled to any benefit. In the case of refunds arising from the self-assessment tax s / s 140A - Interest is calculated email@example.com% monthly or part of a month for the period beginning from the date of tax return or payment, whichever is later. until the date of issue of the refund. In this case too, if the refund is less than 10% of the tax determined under inspection or by reporting s / s 143 (1), then you are not entitled to any interest. In the event of a difference in the refund amount - There, due to order u / s 143 (3) / 144/147/154/155/250/254/260/262/263/264 or order of the Payment Commission u / s 245D (4 ), the amount of the refund paid is increased or decreased, then the interest rate will be increased or decreased accordingly. The auditing office may issue a notice requiring the payment of additional interest paid in the event that interest is reduced. In any other case - Interest is calculated firstname.lastname@example.org% monthly or part of a month period from the date of payment to the date of refund. Suppose, for example, Ms. Gupta paid an earlier tax of Rs. 50,000 during the year when he was actually guilty of paying Rs. Only 30,000, if so, you are entitled to a refund of Rs. 20,000 / - plus email@example.com%. Suppose, Ms. Gupta filed her return letter dated 5.09.2019 which means, after the due date and a refund of Rs. 20,000 received by him on 30.11.2019, then, the interest paid will be Rs. 300 / -. (Rs. 20,000 x 0.5% x 3 months) Notes:
Interest Refunds in the event of Complaints / IT Order Review If possible, any refund arises from the Income Tax Appeal or review of approved orders, then you are entitled to more interest than previously stated, so you may be delayed otherwise. departmental term (3 months from the end of the month when PCCIT / CCIT / PCIT / CIT or review, 3 months from the end of the month when order is passed. by PCCIT / CIT) @ 3 percent per annum which starts from the day following the expiry date and the date of the return of the income tax.
11. When & How to apply for Refund Reissue?
First verify your Income Tax Return, and then track the status of your income tax return with the department. In the event that you have not received your refund, one of the reasons for the delay in the ITR refund may be due to a problem with your bank account or address details.In that case, you can apply for a "refund" from the Tax Department but only after obtaining "Intimation"Simple steps to apply for Refund Reissue:
- Step 1: Go to http://incometaxindiaefiling.gov.in
- ep 2: Log in with your PAN card details and password.
- Step 3: After logging in, you will see a dashboard
- Step 4: Click on the pending action tab and refund reissue
- Step 5: When you click on refund reissue, you will see a window with a tab refund reissue.
- Step 6: Once you select the “Refund Reissue” tab visible on your screen, you will be redirected to the refund reissue page where you need to create a refund reissue request.Step-7: Select the bank account in which you want your refund and click proceed to move to the verification stage.
- Step 8: For successful submission of Refund Reissue request, users must have EVC. (Users must authenticate the refund reissue request through Aadhaar OTP & EVC code.
- Step-9: Click on the submit Button
Once all these steps have been successfully performed, you can then check the recovery status in the dashboard.
12. How to update Address/Email id/Mobile number for all communications with the Income Tax Department?
- Step 1: Go to http://incometaxindiaefiling.gov.in
- Step 2: Log in with your PAN and password.
- Step 3: After logging in, click on Dashboard and you will see the options to edit the details.
- Step 4: To edit your contact details or bank account details, go to the respective tab and click update. The changes you have made, to the bank / address details, will be automatically updated on the central TIN website, and your refund amount will be provided to you according to your updated records.
13. How to check income tax refund status?
You can check your income tax return status as follows: Income Income Tax To check the status of a refund, there is no separate tab for it in the new portal, simply click on the service tab and then click on the "Restore" tab and you will be redirected to the re-status status page. Without Income Tax Login
- Through TIN NSDL website
- Enter your PAN number
- Select the year of testing you want to check the status of its return
- Enter Captcha Code and proceed
- Select the year of testing you want to check the status of its return
- Enter the acknowledgment number if you also want to know the e-receipt / verification status of your ITR
14. What are the possible reasons for Income Tax Refund delay?
There are various possible reasons for income tax refund delay
- Not verifiedIf you submit your ITR but forget to confirm the same in such a case the ITR will no longer be processed and no refund will be issued.
- Wrong Bank Account NumberYour refund may be delayed if the bank account number you entered is found to be incorrect. In that case you can apply for a refund.
- Delayed filingIf you complete your refund after the due date then your refund will also be properly delayed.
- Wrong computationsIf you enter incorrect information while completing your return the IT department will ask you to provide the same details by issuing notices. The process is very long so it will delay your return.
- Defective ReturnIf your refund is marked as defective under section 139 (9), your refund will be delayed if you do not respond within the same time.
- Return RevisedIf you have made a clerk error and have therefore reviewed your return then your refund will be naturally delayed.
- Offline verificationIf you confirm the offline return by sending to Bangalore then it becomes clear that your refund will be delayed. Therefore, one should always prefer internet mode over offline.
15. Can any other person get my refund?
16. How to contact an assessing officer for an income tax refund?
You can read our guide on how to identify your AO details and contact them. You can also choose to lodge an appeal with the official tax portal.
Frequently Asked Questions
What is the difference between income tax returns and refunds?
The Income Tax Form provides your annual income and tax details with the prescribed ITR forms. However, the return on income tax means the amount required or earned when the taxes are paid are greater than the taxes actually paid. A refund can only be claimed after you have successfully completed the refund.
Is income tax refund & TDS refund the same?
Yes, in general the Income Tax Return and TDS refunds are one and the same. Excess TDS deducted in excess of the actual amount payable is known as income tax refund. However, tax refunds may result in exaggeration.
- Self Assessment Tax
- Advance Tax
When will the income tax refund be received?
Once the ITR installation is complete you need to confirm your income tax return. After confirmation the refund is reviewed by the Revenue Department and a refund is issued.
Is income tax refund taxable?
No, income tax refund is not taxable. However, interest earned is taxable and should be treated as “income from other sources.”
How to get a refund from the Income Tax Department?
To get a refund, file your refund and confirm the same via email, it's so easy.
How to check bank details for income tax return?
Download your ITR form, and from there you can view your primary banking information.
How long does the income tax refund take to get credited to the account?
There is no standard guide, but it usually takes 30-45 days to get a refund.
Can income tax refund be credited to another account?
Yes, it is possible to add your refund to another account in certain circumstances. For now:
- You can file an updated return or
- If a refund has been started but failed to be credited to your bank account due to incorrect information
- you can submit a refund request