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Talk to an Expert Income Tax Refund : Know How to Claim & Track Status Online
Income Tax Refund
Income tax is a mandatory direct tax that is levied on your income, such as salary from a job, business income, rental income, etc. It is paid to the Government of India every financial year and is computed for the previous financial year (FY).
All taxpayers are obligated to file an Income Tax Return (ITR). An ITR is a document that contains information on all your income and tax deductions in a year and is submitted to the Income Tax Department. The financial year (FY) is when the taxpayers earn their income. Further, the year when that income is assessed, and taxes are filed is called the assessment year (AY). For instance, if you wish to file taxes for the period 1st April 2022 to 31st March 2023, then your FY is 2022-23 and AY is 2023-24.
Sometimes, the income tax you pay may be more than the tax you owe to the government. This can happen if you claim tax deductions and exemptions when filing your ITR, but your tax has already been deducted before. In this case, the income tax department compares the tax paid versus the tax owed and refunds the additional amount. This is known as an ITR refund.
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Topics in this article
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Eligibility For Income Tax Refund -
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How To Calculate the Income Tax Refund? -
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How To Claim Income Tax Refund? -
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Due Date to Claim Income Tax Refund -
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Income Tax Refund Process and Mode of Payment
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How To Track Income Tax Refund Status? -
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Reasons For Income Tax Refund Delay and The Steps to Be Taken -
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Interest On Income Tax Refund -
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Frequently Asked Questions (FAQs) About Income Tax Refund
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Eligibility For Income Tax Refund
According to the Income Tax Act of 1961, all taxpayers who have paid more tax than they owe are eligible for a tax refund. However, to simplify things, here are some situations where taxpayers can claim a tax refund:
Taxpayers who claim tax benefits and deductions may find that they owe little or no income tax. If the tax is less than what you have paid or in the negative, you can file returns for an income tax refund.
Taxpayers who have paid more tax in advance on self-assessment compared to the tax computed as per regular assessment can file returns to claim a refund.
Taxpayers who may be charged tax on the same income in India and in another country, also known as double taxation, qualify for a tax refund in India or in the other country subject to their residential status.
Taxpayers who have a higher income from heads like salary, dividends and interest on securities and debentures, etc., than the tax due through regular assessment, may file a refund.
Taxpayers who may face an error on the tax charged through regular assessment resulting in a higher tax cut can correct the mistake by filing returns and requesting a tax refund.
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How To Calculate the Income Tax Refund?
The income tax refund can be calculated on the basis of your tax deductions, exemptions, and total taxable income for the concerned assessment year. There are two ways to calculate the income tax refund – manually or with the help of an income tax calculator.
Here are the steps for each.
Manual calculation method
Under this method, you need to calculate the total tax you have already paid for a particular year and subtract it from the total tax you actually owe for the year. Here is the formula for the same:
Income tax refund = Tax paid in the year – Actual tax payable for the year |
Here,
- Tax paid in the year includes TDS, advance tax, self-assessment tax, and Tax Collected at Source (TCS)
- Actual tax payable for the year includes the tax calculated after considering all your incomes and tax deductions under Section 80C, Section 80D, Section 10 (10D), etc., of the Income Tax Act 1961.
If the tax paid is more than the tax due, you will be eligible for a tax refund.
Calculator method
If you do not wish to calculate the tax refund manually, you can use an online tax calculator. This can be found on the official income tax website.
You will need to input details like income earned from salary, income from other sources, agricultural income, short- and long-term capital gains, etc. You will also have to enter education cess, details of tax paid, and other relevant details, as applicable.
The calculator will then compute your tax refund amount, accordingly, to which you can file the ITR refund.
How To Claim Income Tax Refund?
There is no distinct process for income tax refund filing. The income tax return has to be filed as prescribed under the provisions of Section 139 which will have details of tax payable and actually paid.
The ITR filing months are announced by the Government of India and may differ each year. Therefore, it is important to be up to date with these announcements and file your ITR as soon as the ITR filing date begins.
If you do not file your ITR within the stipulated time, you risk incurring a penalty that can negate or lower the value of your income tax refund and lead to loss.
Here is how you can file an income tax return and claim a refund:
- Register or log in to the e-filing portal of the Income Tax Department.
- If you have an account, click on the “Login” button, and log in with your PAN details.
- Click on the “Register” button to create an account.
- After you have logged in to your account, click on “E-File” (top of the screen), then “Income Tax Returns” → “File Income Tax Returns.”
- Select the Assessment year and press Continue.
- Select the Online Mode for filing.
- Choose from Individual, HUF (Hindu Undivided Family) or Others.
- Choose the right ITR form as per your income type.
- Select the correct ‘Reason for filing the ITR’.
- Either input your bank details or pre-validate the already added information.
- You will then have to provide information regarding your income, tax-saving deductions (if any), and all other information as demanded and applicable to you.
- After inputting the data, the e-filing portal will automatically calculate your tax details - tax payment required, excess tax paid and eligible for tax refund or zero tax payment/refund.
- If you are eligible for a tax refund, i.e., if you have already paid more tax than is applicable for your income bracket, then you will be eligible for the tax refund. The amount will be displayed on the screen.
- Make sure to file your ITR, generate ITR-V and verify it online. You can also send the hard copy of ITR-V to CPC, Bangalore, for offline verification.
Tax-saving deductions can include Equity-Linked Savings Schemes (ELSS), life insurance premiums, tax-saving fixed deposits, Public Provident Fund (PPF), National Pension Scheme (NPS), House Rent Allowance (HRA), health insurance premiums, Employer Provident Fund (EPF), and other permissible investments under the various sections of the Income Tax Act 1961. |
Note: If you have not mentioned all your investments on Form 16, you can use Form 30. Form 30 is used if you have already paid extra income tax but have tax-saving proofs that can now lower your tax liability at the end of the financial year. When you fill out Form 30, the excess tax is assessed by the IT department, and the outstanding amount is cleared for a refund. |
Note: You can check the total advance tax you have paid in Form 26AS. Form 26AS can be downloaded from the official income tax website (E-File → Income Tax Returns → View Form 26AS). The advance tax in Form 26AS should be more than the actual tax due for you to be eligible for a tax refund. |
You can follow these steps yourself by visiting the income tax website or consulting a financial advisor for guidance and efficiency.
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Due Date to Claim Income Tax Refund
The due date refers to the date by which you can file an income tax refund without any penalty. For example, the due date for income tax refund 2021-22 was 31st July 2022.
Typically, all taxpayers must file an income tax return and post their refund claim within the due dates as prescribed by the act. However, in some cases, your refund may be accepted if filed later, depending on the reason for the same.
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Income Tax Refund Process and Mode of Payment
The income tax refund process is simple. The refund request is submitted to the Centralised Processing Centre (CPC) in Bengaluru, Karnataka. This is submitted through the ITR.
Taxpayers who have overpaid their taxes and are eligible for a refund can be credited the extra amount in two ways:
Transfer to bank account: Under this method, the excess tax paid is refunded to the individual through NECS (National Electronic Clearing Service) or NEFT/RTGS. Online transactions are quicker and offer taxpayers immediate solutions with faster refunds.
However, it is important for taxpayers to register their accurate bank-related information, such as the bank account number, name, branch, etc., with the income tax e-filing portal. The bank account should also be active at the time when the transaction is being made.Refund via cheque: Under this method, the excess tax paid is refunded to the individual with a cheque. If the taxpayer has not provided accurate bank information on the ITR form or the bank account is deactivated for some reason, the authorities may issue a cheque to the individual. This may be relatively more time-consuming, but it is still a safe mode of payment.
In either of the cases, the amount is refunded to you as long as you qualify for a refund.
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How To Track Income Tax Refund Status?
You can track the income tax refund status to monitor your refund. There are two ways to do this based on how your refund is credited by the income tax department. Here is how this is done:
Transfer to bank account: If your tax return was transferred directly to your bank account through RTGS or NECS, you can track and check the ITR refund status by visiting the official income tax website or the NSDL-TIN website. You will have to enter your PAN, after which you will be able to see the refund status for the concerned assessment year.
Refund via cheque: If your refund has been sent to you via cheque, you will be sent a reference number to track the speed post. You can track the refund online by entering the reference ID of the speed post on the concerned website.
While tracking the refund, you may come across various statuses. Here is what each online refund status stands for:
No E-Filing Has Been Done for This Assessment Year
Meaning: You may see this if your ITR has not been filed. This may happen if you filed the ITR for a different assessment year and are checking the status for a different one. In other cases, if another individual, such as a family member or a tax expert, files the ITR on your behalf, it may be possible that they forgot to submit it.
Action: It is advised to file a new return as soon as possible if you see this status.
Under Processing
Meaning: If your tax refund is under processing, the income tax department is yet to process your refund.
Action: In this case, you would have to wait and check the online refund status after a few weeks or months.
Refund Issued
Meaning: This means your refund has already been processed, and the excess tax has been refunded to you by the income tax department.
Action: You can go ahead and track your refund using the two methods mentioned above.
Processed With No Demand, No Refund
Meaning: You may see this status if there was no refund or tax due on your ITR. Additionally, if the income tax department does not agree with your refund calculations or you are filing after six successive years, your refund request can be rejected.
Action: It is important to abide by the ITR rules and file your refund request properly to avoid these errors. However, you do have the option to revise your ITR and add or remove deductions if you see this status. Additionally, if the income tax department disagrees with your refund request, they would intimate you under Section 143(1), along with reasons for rejection. You can accordingly correct the errors and submit a revised refund request.
Refund Failure
Meaning: A refund failure indicates incorrect payment information on the ITR form. If you enter the wrong bank account number or misspell the branch name or IFSC code, the refund may fail.
Action: In this case, you can log into your profile on the income tax website and update the bank account details. Once you have successfully made the changes, you can apply for a Refund Reissue from your account.
Case Transferred to Assessing Officer
Meaning: If your ITR lacks concrete information and the authorities need more to assess your request, they may transfer the case to the Jurisdictional Assessing Officer (AO). This status could also indicate past tax dues that have not been cleared yet and need to be evaluated by the assessing officer.
Action: You can contact the assessing officer for your region to get more information on the same.
Demand Determined
Meaning: You will see this ITR refund status if your refund has been rejected and you have additional tax dues to clear. In this case, the department will contact you with the amount of tax you owe and what needs to be paid.
Action: It is important to check the information submitted by revising your refund if you think there has been an error. If you find the income tax department's claim correct, you will have to pay the additional tax due within the time frame provided by the authorities.
Rectification Processed Refund Determined
Meaning: If there was an error in your return, you would be intimated about the same by the income tax authorities. In this case, you will see this status. This means the income tax department is reviewing the rectified returns submitted by you and will soon issue a refund if approved.
Action: There is no additional action to be taken in this case.
Rectification Processed Demand Determined
Meaning: This is another ITR refund status that is put up if you have been intimated once to revise your ITR. However, if you see this status, you will still have outstanding dues, according to the authorities.
Action: If you find this status, you will have to clear your outstanding tax liabilities within 30 days of receiving a notice from the income tax department.
Rectification Processed, No Demand, No Refund
Meaning: If the income tax department issued a notice asking you to rectify your ITR but finds that you neither owe tax nor qualify for a tax refund, you would find this status. The authorities will also send you a notice about the same.
Action: There is no further action required in this case.
If you find any of these statuses confusing or unable to comprehend, it is advised to consult a professional tax expert and get assistance on the next course of action. You can also reach out to the income tax department in case of extreme errors or discrepancies.
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Reasons For Income Tax Refund Delay and The Steps to Be Taken
Here are reasons why your income tax refund may be delayed:
You have entered the wrong bank account number or IFSC code.
The details of deductions, exemptions, and incomes are incorrect.
The income tax department may have rejected your refund request due to an error, miscalculation, or simply if you do not qualify for a refund.
The income tax department may take more time to assess your income tax refund request.
Refunds issued via cheque may be delayed because of issues with speed post, bad weather, or other operational lapses.
If your tax refund has been delayed, you can take the following steps:
Log into your profile on the income tax website
Click on E-File
Go to Income Tax Returns and click on View Filed Returns
Select the Assessment Year
Check the ITR Status and click on View Details
Once you see the ITR refund status, you can take appropriate action. An important thing to note here is that if the income tax refund has been delayed for a particular reason, the tax authorities will notify you about the same. When you receive the intimation, you will also be given the steps to rectify your mistake. You can simply follow them to revise the error and submit your refund again.
Interest On Income Tax Refund
There are two types of interest rates that can be applied to an income tax refund:
-
01
Interest on Delayed Income Tax Refund:
According to Section 244A of the Income Tax Act, 1961, if the tax department delays your income tax refund payment, they are liable to pay interest at the rate of 0.5% per month or 6% per annum. The applicable interest is calculated from the filing of the ITR to the date of refund payment. -
02
Interest to be Paid on Excess Refund:
According to Section 234D of the Income Tax Act, 1961, if the income tax department has issued an excess refund, you would have to repay the extra along with the income tax refund interest rate levied at 0.5% per month or 6% per annum.
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Frequently Asked Questions (FAQs) About Income Tax Refund:
Can I change my address and personal details, which I provided in my ITR (Income Tax Return)?
Yes, if your address or other personal details have been changed from the ones you entered on your ITR, you can update them on the income tax website. Here are the steps:
- Log in to the official income tax website
- Go to My Profile and click on Edit
- Select Contact and enter the new address or other personal details, such as e-mail ID, mobile number, etc.,
- Click Submit
The new details will be sent to the CPC.
What should I do if I have not received my income tax refund?
The first thing to do if you have not received your refund is to check the income tax refund status online. You can then take the necessary steps according to the status.
In most cases, you may not receive your refund if you do not qualify for one or if there has been an error on your ITR.
Can I change the account number I provided in my income tax return?
Yes, you change your bank account number. However, this can only be done if your ITR refund has failed due to incorrect bank information. In this case, you will see the status - Refund Failure. To change the bank account number, you will have to log into your profile on the income tax website and update the new information.
My income tax refund status is 'Refund Failure'. How should I apply for processing it again?
The status, Refund Failure, is shown if there has been an error in your bank account information due to which the refund fails. If you see this, you can rectify the error by logging into your profile on the income tax website and updating your bank account details. You can then apply for a Refund Reissue.
How is the income tax return different from the income tax refund?
The income tax return is the form you submit to the income tax department for each assessment year. It contains details of all your incomes and investments, along with all tax paid.
On the other hand, an income tax refund refers to the money that the income tax department refunds you based on your ITR. An income tax refund will be issued to you only if you have paid more tax than you owe.
However, irrespective of whether you qualify for a refund, you are obligated to file the ITR in India as long as you have a taxable earned income in a financial year.
Does the TDS refund the same as the income tax refund?
Yes, TDS and income tax refunds are the same. TDS refers to Tax Deducted at Source. You get a refund when the TDS is higher than the actual tax due.
Should I submit any proof of evidence or documents while filing income tax returns?
Yes, you need to submit proof of investments, such as insurance premiums, ELSS investments, fixed deposits, etc., to file an ITR. You can also submit rent receipts and other expenses that qualify for tax savings. Your refund will be processed on the basis of these proofs.
What are the three important stages of refund status?
While there are 10 different refund statuses that can reflect based on the nature of returns filed, the three important ones are Under Processing, Refund Issued and Refund Failure.
How many days does it take to get the refund on the excess income tax paid?
The income tax refund normally takes up to 45 days to be credited into your bank account or for the authorities to issue a cheque. However, it may take longer if there are errors in your ITR. It is advised to keep an eye on the online refund status or check with the CPC in the case of delays.
Is the income tax refund taxable?
The income tax refund is not taxable as it was originally charged to you incorrectly. However, the interest on the income tax refund paid to you is considered an income and subjected to income tax per the applicable tax slabs for the concerned year.
How to apply for 'Refund Reissue'?
You can apply for a Refund Reissue by logging into your profile on the income tax website and following the steps given below:
- Click on My Account
- Click on Service Request
- Select New Request under Request Type and click on Request Category
- Select Refund Reissue
- Update the required details
- Click on Submit
Whom should I contact for income tax refund-related queries?
The income tax department has a number of helpline numbers for varied questions and doubts. You can visit the income tax website and contact the suitable authority on the helpline numbers given on the portal.
Can the refund be credited to another bank account?
The tax refund is credited to the bank account you added to your ITR. If you have multiple accounts and want to receive a refund in a particular account, you can mention it on your ITR. However, the refund cannot be credited to a bank account that is not mentioned on the ITR.
For how many of the previous years can I claim the applicable income tax refund?
You can claim an income tax refund for the last six successive years. The income tax department does not entertain refunds prior to this.
Can I claim the income tax refund if I have missed filing my ITR within the due date?
Yes, you can still claim an income tax refund even if you missed filing the ITR within the due date. However, you will have to pay interest and a penalty of up to ₹5,000 and file you income tax return.
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- The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
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- ~Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
- ++Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
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