Anyone who has overpaid their tax than an actual liability in a given fiscal year is entitled to a tax refund. You must request a refund in your income tax return (ITR) for that year in order to obtain your tax refund.
For the fiscal year 2022–2023, the ITR filing season is currently underway, with both online and offline alternatives available. By July 31st, income taxpayers can submit their ITRs. However, you will receive your tax refund faster if you file your ITR as soon as possible. When more taxes have been paid than the actual liability, refunds are given.
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If you have filed and verified your income tax return on time, the average wait period for an income tax refund is 20 to 45 days after the ITR has been processed. However, CBDT Chairman Nitin Gupta stated recently that the income tax department’s average turnaround time for granting refunds had been “significantly” reduced. In the fiscal year 2022–2023, 80% of refunds were given out within the first 30 days after return filing.
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Income Tax Refund Status: How to Check
Step 1: Visit 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: Log in to the account using PAN details, OTP, and by entering the Captcha.
Step 3: Click on the e-file option.
Step 4: Go to the income tax returns tab and click on the View Filed Returns option
Step 5: Check the status of the latest filed ITR from there
Step 6: Now, check the status of your income tax refund.
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ITR forms come in seven different varieties for various tax filers. Therefore, while completing an income tax return for the assessment year 2023–2024, the relevant form must be chosen.
