Income tax refunds are released in case of higher taxes paid than the actual liability
Income Tax Refund Status FY 2022-23: The ITR filing season is going on for the financial year 2022-23, with both online and offline options being available. The income taxpayers can file their ITR by July 31. However, the earlier you file ITR, the sooner you will get the tax refund. Tax refunds are released in case of higher taxes paid than the actual liability.
Read More: ITR Filing 2023: How to download, who is eligible to file ITR Form 3 for 2023-24
Usually, the time taken for income tax refund is 20-45 days after ITR has been processed, provided that you have filed your income tax return and verified the same on time. However, CBDT Chairman Nitin Gupta last week said the average time taken for issuing refunds by the income tax department has been brought down “significantly”. In the year 2022-23, 80 per cent of refunds were issued in the first 30 days of filing of returns.
The CBDT chief has said the work of processing income tax returns (ITRs) has been “expedited” as the tax department is leveraging technology in a big way and was working to ensure ‘ease of doing business’ for the taxpayers by promoting voluntary compliance.
Read More: ITR Filing AY 2023-24: Who Should Use Sahaj Form For Filing Income Tax Return?
How to Check Income Tax Refund Status
Step 1: Assessees can check the income tax refund status online through the income tax e-filing website — https://www.incometax.gov.in/iec/foportal/. You will need their PAN and Aadhaar details apart from the registered mobile number to receive the OTPs.
Step 2: Once the taxpayer opens the www.incometax.gov.in portal, you will have to log in to the account using PAN details, OTP and by entering the Captcha.
Step 3: Once logged in, the taxpayer has to click on the e-file option.
Step 4: From there, one needs to go to the income tax returns tab and click on the View Filed Returns option
Step 5: The taxpayer can check the status of the latest filed ITR from there
Step 6: Click on View Details options from where you will be able to check the status of your income tax refund.
Read More: ITR Filing: 10 Documents Required To File Income Tax Return for FY 2022-23
There are seven types of ITR forms for different tax filers. So, the correct form needs to be selected while filing the income tax return for the assessment year 2023-24.
ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc). ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.
While ITR-2 is filed by people having income from residential property and having income above Rs 50 lakh, ITR-3 is filed by professionals. ITR-5 and ITR-6 are filed by LLPs and businesses. ITR-7 is for taxpayers including companies that are a charitable or religious trust, political party, research association, news agency or similar organizations specified in the Act. Check your eligibility criteria carefully before picking up the form.
