What is Income Tax Refund?
You may be eligible for an income tax refund if you paid more in taxes than you were obligated to.
If the amount of taxes paid (either through Advance Tax, TDS, TCS, or Self-Assessment Tax) exceeds the actual amount of taxes owed, the excess tax paid may be refunded. Before starting the return, the income tax division will recalculate the taxes and verify the refund claim.
Refund = Taxes paid (either through advance tax, TDS, TCS, or self-assessment tax) – the total amount of taxes due on the income for the current year equals a refund.
How to claim income tax refund?
You only need to complete your income tax return and declare your income, deductions, and details of taxes paid to the income tax department in order to receive your income tax refund or TDS refund. It’s crucial to keep in mind that you must file your ITR online in order to receive your income tax refund.
I missed my ITR filing by the due date, can I still claim my refund now?
For non-audit cases, the ITR filing date was July 31, 2022. You can still file a late return, sometimes known as a belated return, if you were unable to file your taxes by the deadline. The deadline to submit a late return is December 31, 2022. You can file a late return to receive your tax refund.
I have e-Filed my Income Tax Return but have not received my refund till now?
The following factors could be to blame if you haven’t yet gotten your refund:
The processing of your income tax return is still pending. After the return has been processed, you can get a refund (if approved). Go to ‘e-File’ ‘Income Tax Returns’ ‘View Filed Returns’ on the income tax e-filing website to view the status of your e-filed IT return.
Although the Income Tax Department has completed your tax return, they have decided there will be no reimbursement.
Although a refund from your income tax return has been processed, it has not yet been transferred to your account. Perhaps you didn’t pre-validate your account.
