Income Tax Refund Status Online: An income Tax Refund is issued by the Income Tax Department when a taxpayer has paid more tax than his actual liability for a particular tax year. After a thorough assessment by the tax authorities, this excess amount is returned to the taxpayer.
Income Tax Refund Status Online
An income tax refund is given when you have paid more taxes to the government than necessary. This can happen due to too many deductions an overpayment of an advance or self-assessment of the tax. If this applies to you, you can request a refund. To check your refund status, fill out the required form and Tax2win will help you track your refund. Remember that filing your return quickly can speed up the process and ensure you get your money sooner.
Income Tax Refund Overview
| Country | India |
| Article For | Income Tax Refund |
| Income Tax Refund | Click Here |
| Calculate Income Tax Refund | Income Tax Refund = Taxes Paid – Total Tax Liability |
| Category | Finance |
| Official Website | https://www.incometax.gov.in/ |
What is an Income Tax Refund?
An income tax refund occurs when a taxpayer has paid more income tax than is required for a particular financial year. This overpayment can come from Deductions at Source (TDS), Advance Tax, or Self Assessment. This often happens when taxpayers claim excessive deductions or avail exemptions, deductions, or credits while filing their Income Tax Return (ITR). When a taxpayer files an ITR, the tax authorities assess his actual tax liability based on the reported income and deductions. If the assessed tax liability is lower than the amount already paid, the taxpayer will receive the tax overpayment back. Completing the electronic submission is essential for a refund.
For example, if a taxpayer pays Rs. 15,000 in taxes for the financial year 2023-24 but their actual tax liability is only Rs. 10,000, they are entitled to a Rs. 5,000 refund from the tax office. After filing and verifying the ITR, the department will process the return. It usually takes approximately four to five weeks for the refund to be deposited into the taxpayer’s bank account after the return is processed.
Refund = Total Amount Of Tax Paid for the Year {Advanced tax + TDS + TCS + Self Assessment Tax} = Total Amount of Tax Payable for the Year
Where is My Refund: Check Tax Return Status Online 2024
Different Types of Income Tax Refund Status
- Not Determined: The Income Tax Department has not processed your tax return yet, so the refundable amount has not been determined.
- No e-filing for this assessment year: This indicates that you have not filed your income tax return for the assessment year, or you filed it manually.
- Refund Paid: Your income tax refund has been successfully transferred to your bank account.
- ITR Processed, Refund Sent to Refund Banker: Your income tax refund has been processed and sent to the refund banker for disbursement.
- Refund Unpaid: The Income Tax Department has not delivered your refund due to some issue.
- No Demand No Refund: The tax amount deducted is accurate, and no refund is due to you.
- Demand Determined: Your request for a refund has been rejected as the department’s calculation shows that you owe additional taxes.
- Contact Jurisdictional Assessing Officer: The Income Tax Department requires further clarification regarding your income tax return details.
- Rectification Processed, Refund Determined, Sent to Refund Banker: The rectified income tax refund request has been accepted, and the refund has been processed and sent to the refund banker.
- Rectification Processed, No Demand No Refund: Your rectification request has been accepted, but there is no demand or refund.
- Rectification Processed, Demand Determined: The rectified income tax refund request has been accepted, but you still owe additional taxes. This amount must be paid within 30 days of the notice.
Eligibility Criteria for ITR
You qualify for an income tax refund if:
- Your advance tax payments exceed 100% of your actual tax liabilities for the year.
- Your TDS payments exceed your final tax liability after assessment.
- You made last-minute tax-saving investments.
- You paid tax on your income in a foreign country with a Double Taxation Avoidance Agreement (DTAA) with India.
- You overpaid taxes due to an error in assessment.
How to Calculate the Income Tax Refund?
If you paid more taxes than required, you can claim the excess amount as an income tax refund.
Income Tax Refund = Taxes Paid – Total Tax Liability
If the taxes paid (through advance tax, TDS, TCS, or self-assessment tax) exceed the actual tax payable, the overpayment can be claimed as a refund. The Income Tax Department will recalculate the taxes and confirm the refund request before starting the refund.
Is the Income Tax Refund (ITR) Taxable?
No, the refund itself is not taxable. However, the interest received on the tax refund is taxable. The tax rate applicable to this interest income will be based on your individual tax rate.
How To Check Income Tax Refund Status For FY 2023-24 (AY 2024-25)?
To check your refund status, it is important to know your PAN number and the relevant assessment year. Here are two ways to check income tax refund status online for 2023-24:
- Income Tax E-filing Portal
- TIN NSDL Portal
How to Check ITR Status through E-Filing Website?
Follow these steps to check your refund status via the e-filing website:
- Visit the official e-filing portal.
- Log in using your User ID/PAN/Aadhar.
- Enter the ‘Captcha code’ displayed on the screen.
- Navigate to the ‘My Account’ section.
- Click on the ‘Refund/Demand Status’ option.
- Your income tax refund status will be displayed, including details such as the Assessment Year, Status, Reason for Refund Failure, and Payment Mode.
Check here:- Income Tax Login 2024
Check Income Tax Refund Status through the TIN NSDL Portal
Follow these steps to check your refund status via the e-filing website:
- Visit the official e-filing portal.
- Log in using your User ID/PAN/Aadhar.
- Enter the ‘Captcha code’ displayed on the screen.
- Navigate to the ‘My Account’ section.
- Click on the ‘Refund/Demand Status’ option.
- Your income tax refund status will be displayed, including details such as the Assessment Year, Status, Reason for Refund Failure, and Payment Mode.
How to Request for (ITR) Tax Refund Reissue?
To request a refund reissue, follow these simplified steps:
- Visit the Income Tax e-Filing Portal.
- Log in with your User ID, Password, date of birth, and captcha code.
- Navigate to ‘My Account’ and click on ‘Service Request’.
- Choose ‘New Request’ and select ‘Refund Reissue’ under ‘Request Category’.
- Select the financial year for which you want the refund acknowledgment number.
- Click ‘Submit’ and enter your Bank Account Number, Account Type, IFSC Code, and Bank Name.
- Confirm by clicking ‘Submit’. Your refund will be processed to your bank account shortly.
Conclusion
In conclusion, online income tax refund status check for fiscal year 2023-2024 (AY 2024-25) ensures timely processing and overview of any tax overpayments. Utilization of portals such as Income Tax e-Filing and NSDL’s TIN website simplifies the process and offers transparency and convenience. Remember, timely electronic filing and accurate information submission are critical to a speedy refund. Stay updated on the refund status so that you can promptly address any discrepancies or delays to ensure a smooth working relationship with the Income Tax Department.
FAQ’s
How to check the ITR refund status 2023/24?
Once the refund is processed, it will be credited directly to your bank account. You can track your income tax refund status online through the website of the Income Tax Department, NSDL, or by using Tax2win’s income tax refund status tool.
How to check the refund reissue status?
Log in to the income tax electronic filing portal. Go to My Account, click on ‘Service Request’, and under Request Type select View Request and under Request Category select Refund Reissue. Click Submit. You will see the status of your sent request to resend money.
What is an income tax refund?
An income tax refund is an amount that the government refunds to a taxpayer when he has paid more tax than his actual liability for a particular financial year.
Is the income tax refund taxable?
No, the income tax refund itself is not taxable. However, the interest earned on the refund is taxable at the individual’s applicable tax rate.
Can I claim a refund for missed ITR filing on the due date?
Yes, you can still claim a refund for late filing of income tax return (ITR) by filing the late return within the stipulated time.
What documents do I need to claim an income tax refund?
To claim an income tax refund, you usually need your PAN card, details of income, tax payments, deductions, and bank account information to receive the refund.
