The taxpayers who are eligible to claim exemptions and other deductions under Income Tax Act, 1961, will get a refund for the tax deducted at source (TDS) after filing the ITR. Once your ITR is filed, you can conveniently track the status of your refund through the Income Tax Department’s e-filing portal.
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Income Tax Return (ITR) filing is mandatory for all whose income surpasses the established threshold. With the advent of digital solutions, the ITR filing and refund process has become simpler. However, it’s vital to comprehend the steps involved.
The deadline for filing Income Tax Return for FY 2022-23 (AY 2023-24) without a late fee is 31st July 2023. As the deadline is approaching all the taxpayers should keep their documents ready and calculate their tax liabilities as well refunds, if any, well in advance.
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The taxpayers who are eligible to claim exemptions and other deductions under Income Tax Act, 1961, will get a refund for the tax deducted at source (TDS) after filing the ITR.
Here are all the details you should know about how long it usually takes to receive a refund after filing your ITR and other key factors to keep in mind while claiming a refund.
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Income Tax Return filing
Individuals whose annual income exceeds Rs 3 lakh are required to file an income tax return under the new tax regime. An ITR submission gives a detailed account of your income from various channels, tax deductions, and potential tax liabilities. Depending on this information, the amount of tax you need to pay, or the refund you can expect is calculated. If the tax you’ve already remitted via TDS, TCS, advance tax, and self-assessment tax exceeds your total tax liability, you may be entitled to a refund.
How to track refund status online
Once your ITR is filed, you can conveniently track the status of your refund through the Income Tax Department’s e-filing website. Just input your ITR Acknowledgement Number and mobile number to confirm your identity via OTP. Post-authentication, you can track your refund status.
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How to secure a speedy refund
“How long will it take to receive my refund?” is a common query among taxpayers. Though there is no defined timeline, generally refunds are issued within a week to 10 days of filing. The timing of your filing and the accuracy of your data can influence the processing speed.
This year, however, the Income Tax Department has warned that it might be challenging to estimate the exact processing time due to the potential rush leading up to the July 31 deadline.
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As of July 9, 2023, the department had processed over 1.89 crore ITRs, verified more than 1.74 crore returns, and processed over 46 lakh of these verified returns.
To potentially expedite your refund, it’s recommended to file your returns sooner rather than waiting closer to the deadline, as early filers typically receive their refunds quicker.
Important factors that could impact refund
It’s essential to be aware of typical errors and issues that could stall your refund. For instance, supplying incorrect bank account information or inconsistencies between your details on the bank account and the ITR can result in delays. Additionally, if your return raises suspicions of fraudulent activity, your refund could be put on hold until the matter is cleared. Thus, it’s critical to cross-check your details and be meticulous in your ITR filing to facilitate a smooth refund process.
