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Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Income Tax Refund -Checking Your Refund Status for FY 2023-24 (AY 2024-25)
Income Tax Refund -Checking Your Refund Status for FY 2023-24 (AY 2024-25)
If you’ve ended up paying more tax than your actual liability, you may be entitled to a refund for the excess amount. The Income Tax Department provides a convenient online platform to track the status of your income tax refund. By simply entering your PAN (Permanent Account Number) and the relevant Assessment Year, you can easily monitor the progress of your refund.
Understanding Income Tax Refunds
Tax refunds are processed once you have successfully e-verified your income tax return. Typically, it takes about 4-5 weeks for the refund to be credited to your bank account from the date of e-verification. If you do not receive your refund within this period, there are several steps you can take to resolve the issue:
Check for Errors in Your ITR: Log into the e-filing portal and navigate to e-File > Income Tax Returns > View Filed Returns. Review your return for any discrepancies or errors.
Monitor Your Email: Keep an eye out for notifications from the Income Tax Department regarding your refund status.
Use Online Methods to Check Refund Status: Utilize the methods detailed below to track the status of your refund.
How to Claim an Income Tax Refund
To claim your income tax refund or TDS refund, you must file your Income Tax Return (ITR) and accurately declare your income, deductions, and tax payments. The refund amount is determined and displayed in your tax return.
Steps to Claim Your Refund:
Complete E-Filing: Ensure you have e-filed your ITR for the current financial year. E-filing expedites the process and helps in getting your refund faster.
File Early: Avoid delays and complications by completing your tax filing early in the financial year.
With ClearTax’s streamlined 3-step filing process, you can handle your taxes efficiently and enjoy peace of mind.
File Now and use code FIFTY50 for a 50% discount.
Calculating Your Income Tax Refund: An Example
If you’ve paid more taxes than necessary, you can claim the excess amount as a refund. The calculation for an income tax refund is straightforward:
Income Tax Refund = Taxes Paid – Total Tax Liability
For example, let’s assume Mr. Gupta paid ₹3,00,000 as advance tax during the financial year. At the end of the year, his total tax liability is ₹2,00,000. Therefore, he is eligible for a refund of ₹1,00,000. By filing his income tax return (ITR), Mr. Gupta can request this refund. If approved, the excess ₹1,00,000 will be credited to his pre-validated bank account.
Calculation:
₹3,00,000 Advance Tax - ₹2,00,000 Tax Liability = ₹1,00,000 Tax Refund for Mr. Gupta
Methods to Check Your ITR Refund Status for AY 2024-25
If you’re anxious about your tax refund status, there are three primary methods to check:
Through the Income Tax Portal:
Step 1: Visit the Income Tax Portal and log in to your account.
Step 2: Click on ‘e-File’, then select ‘Income Tax Returns’ and choose ‘View Filed Returns’.
Step 3: You will see the status of your current and past income tax returns.
Step 4: Click on 'View Details' to see the status of your income tax refund.
Through NSDL Portal:
Step 1: Visit the NSDL Portal.
Step 2: Enter your PAN details, select the Assessment Year for which the refund is pending, and complete the Captcha Code.
Step 3: Click ‘Proceed’ under the ‘Taxpayer Refund (PAN)’ option.
Step 4: You will be directed to a page displaying the ‘Refund Status’.
Through TRACES:
Step 1: Log in to the Income Tax Portal.
Step 2: Click on ‘e-File’, select ‘Income Tax Returns’ and choose ‘View Form 26AS’.
Step 3: You will be directed to the TDS Reconciliation Analysis and Correction Enabling System (TRACES) page. Click on ‘View Tax Credit (Form 26AS/Annual Tax Statement)’ at the bottom of the page.
Step 4: Select the Assessment Year from the drop-down menu and choose 'View as Text'.
Understanding Refund Statuses
The status of your refund can fall into one of the following categories:
No E-Filing Done for Current AY:
Meaning: This indicates that you have not filed your income tax return for the Assessment Year in question.
Action: Verify the Assessment Year you are checking. Ensure that you have filed the return for the correct year.
Under Processing:
Meaning: The Income Tax Department is still processing your income tax return.
Action: Check back after a month to see if there have been any updates.
Refund Issued:
Meaning: The refund has been processed and sent to you via cheque or direct debit to your bank account.
Action: Confirm receipt of the refund in your bank account or mailbox.
Processed with No Demand No Refund:
Meaning: No refund or additional tax is due. This could be because your filed return had no discrepancies or the refund claim was denied.
Action: If you believe there was an error or missed deductions, file a revised return or rectify any discrepancies as indicated in the intimation received.
Refund Failure:
Meaning: The bank account details provided were incorrect or not pre-validated, causing the refund process to fail.
Action: Update your bank details on the Income Tax portal, pre-validate them, and apply for a ‘Refund Reissue’.
Case Transferred to Assessing Officer:
Meaning: Additional information or clarification is required, or there might be outstanding taxes that need adjustment.
Action: Contact the Jurisdictional Assessing Officer for further clarification.
Demand Determined:
Meaning: The Income Tax Department has found that you owe additional taxes rather than a refund.
Action: Review the intimation sent by the IT department, cross-check with your records, and address any discrepancies or make the necessary payments.
Rectification Processed Refund Determined:
Meaning: The rectified return was accepted and the refund amount has been determined and credited.
Action: A revised intimation will follow, confirming the refund amount.
Rectification Processed Demand Determined:
Meaning: After rectification, the IT department maintains that you have outstanding taxes.
Action: Pay the outstanding taxes within the specified time frame and review the rectified return.
Rectification Processed No Demand No Refund:
Meaning: After rectification, it was determined that no additional tax is due, nor is a refund applicable.
Action: A revised intimation will confirm this status.
Need Assistance? Connect with a tax expert to review your tax notices and returns for accurate guidance and help with any necessary rectifications.
Is the Income Tax Refund Taxable?
The refund amount itself is not taxable. However, any interest received on the refund is taxable and will be subject to your applicable tax slab rate.
Time Duration for Receiving a Tax Refund
The time taken to receive an income tax refund can vary based on the Income Tax Department’s internal processes. Generally, refunds are issued within 7 to 120 days, with an average of 90 days following the e-verification of your return. The Income Tax Department has introduced a new processing system to expedite refunds, aiming for a quicker turnaround.
For returns submitted in AY 2023-24, the average processing duration has been reduced to 10 days, compared to 82 days for AY 2019-20 and 16 days for AY 2022-23.
Mode of Receiving the Refund
Refunds are typically issued via electronic transfer (direct credit to your bank account) or by a refund cheque. Ensure that you provide accurate bank account details, including the IFSC code and PIN code, during the filing of your return. Refund cheques are dispatched to the address provided in your ITR.
Interest on Income Tax Refund
If your refund amount exceeds 10% of the total tax payable for the year, you will receive simple interest on the refund. The interest is calculated at 6% per annum from the start of the next financial year until the refund date.
Claiming Refund for Late ITR Filing
The deadline for filing your ITR for non-audit cases was July 31, 2024. If you miss this deadline, you can still file a belated return until December 31, 2024, and claim your refund.
Income Tax Refund Helpline
For queries regarding your income tax refund, you can reach out to the Aaykar Sampark Kendra at 1800-180-1961 or email refunds@incometax.gov.in. For issues related to refunds processed at CPC Bangalore, contact 1800-425-2229 or 080-43456700. For payment-related queries, call the SBI Contact Centre toll-free number at 1800-425-9760.
If you’ve ended up paying more tax than your actual liability, you may be entitled to a refund for the excess amount. The Income Tax Department provides a convenient online platform to track the status of your income tax refund. By simply entering your PAN (Permanent Account Number) and the relevant Assessment Year, you can easily monitor the progress of your refund.
Understanding Income Tax Refunds
Tax refunds are processed once you have successfully e-verified your income tax return. Typically, it takes about 4-5 weeks for the refund to be credited to your bank account from the date of e-verification. If you do not receive your refund within this period, there are several steps you can take to resolve the issue:
Check for Errors in Your ITR: Log into the e-filing portal and navigate to e-File > Income Tax Returns > View Filed Returns. Review your return for any discrepancies or errors.
Monitor Your Email: Keep an eye out for notifications from the Income Tax Department regarding your refund status.
Use Online Methods to Check Refund Status: Utilize the methods detailed below to track the status of your refund.
How to Claim an Income Tax Refund
To claim your income tax refund or TDS refund, you must file your Income Tax Return (ITR) and accurately declare your income, deductions, and tax payments. The refund amount is determined and displayed in your tax return.
Steps to Claim Your Refund:
Complete E-Filing: Ensure you have e-filed your ITR for the current financial year. E-filing expedites the process and helps in getting your refund faster.
File Early: Avoid delays and complications by completing your tax filing early in the financial year.
With ClearTax’s streamlined 3-step filing process, you can handle your taxes efficiently and enjoy peace of mind.
File Now and use code FIFTY50 for a 50% discount.
Calculating Your Income Tax Refund: An Example
If you’ve paid more taxes than necessary, you can claim the excess amount as a refund. The calculation for an income tax refund is straightforward:
Income Tax Refund = Taxes Paid – Total Tax Liability
For example, let’s assume Mr. Gupta paid ₹3,00,000 as advance tax during the financial year. At the end of the year, his total tax liability is ₹2,00,000. Therefore, he is eligible for a refund of ₹1,00,000. By filing his income tax return (ITR), Mr. Gupta can request this refund. If approved, the excess ₹1,00,000 will be credited to his pre-validated bank account.
Calculation:
₹3,00,000 Advance Tax - ₹2,00,000 Tax Liability = ₹1,00,000 Tax Refund for Mr. Gupta
Methods to Check Your ITR Refund Status for AY 2024-25
If you’re anxious about your tax refund status, there are three primary methods to check:
Through the Income Tax Portal:
Step 1: Visit the Income Tax Portal and log in to your account.
Step 2: Click on ‘e-File’, then select ‘Income Tax Returns’ and choose ‘View Filed Returns’.
Step 3: You will see the status of your current and past income tax returns.
Step 4: Click on 'View Details' to see the status of your income tax refund.
Through NSDL Portal:
Step 1: Visit the NSDL Portal.
Step 2: Enter your PAN details, select the Assessment Year for which the refund is pending, and complete the Captcha Code.
Step 3: Click ‘Proceed’ under the ‘Taxpayer Refund (PAN)’ option.
Step 4: You will be directed to a page displaying the ‘Refund Status’.
Through TRACES:
Step 1: Log in to the Income Tax Portal.
Step 2: Click on ‘e-File’, select ‘Income Tax Returns’ and choose ‘View Form 26AS’.
Step 3: You will be directed to the TDS Reconciliation Analysis and Correction Enabling System (TRACES) page. Click on ‘View Tax Credit (Form 26AS/Annual Tax Statement)’ at the bottom of the page.
Step 4: Select the Assessment Year from the drop-down menu and choose 'View as Text'.
Understanding Refund Statuses
The status of your refund can fall into one of the following categories:
No E-Filing Done for Current AY:
Meaning: This indicates that you have not filed your income tax return for the Assessment Year in question.
Action: Verify the Assessment Year you are checking. Ensure that you have filed the return for the correct year.
Under Processing:
Meaning: The Income Tax Department is still processing your income tax return.
Action: Check back after a month to see if there have been any updates.
Refund Issued:
Meaning: The refund has been processed and sent to you via cheque or direct debit to your bank account.
Action: Confirm receipt of the refund in your bank account or mailbox.
Processed with No Demand No Refund:
Meaning: No refund or additional tax is due. This could be because your filed return had no discrepancies or the refund claim was denied.
Action: If you believe there was an error or missed deductions, file a revised return or rectify any discrepancies as indicated in the intimation received.
Refund Failure:
Meaning: The bank account details provided were incorrect or not pre-validated, causing the refund process to fail.
Action: Update your bank details on the Income Tax portal, pre-validate them, and apply for a ‘Refund Reissue’.
Case Transferred to Assessing Officer:
Meaning: Additional information or clarification is required, or there might be outstanding taxes that need adjustment.
Action: Contact the Jurisdictional Assessing Officer for further clarification.
Demand Determined:
Meaning: The Income Tax Department has found that you owe additional taxes rather than a refund.
Action: Review the intimation sent by the IT department, cross-check with your records, and address any discrepancies or make the necessary payments.
Rectification Processed Refund Determined:
Meaning: The rectified return was accepted and the refund amount has been determined and credited.
Action: A revised intimation will follow, confirming the refund amount.
Rectification Processed Demand Determined:
Meaning: After rectification, the IT department maintains that you have outstanding taxes.
Action: Pay the outstanding taxes within the specified time frame and review the rectified return.
Rectification Processed No Demand No Refund:
Meaning: After rectification, it was determined that no additional tax is due, nor is a refund applicable.
Action: A revised intimation will confirm this status.
Need Assistance? Connect with a tax expert to review your tax notices and returns for accurate guidance and help with any necessary rectifications.
Is the Income Tax Refund Taxable?
The refund amount itself is not taxable. However, any interest received on the refund is taxable and will be subject to your applicable tax slab rate.
Time Duration for Receiving a Tax Refund
The time taken to receive an income tax refund can vary based on the Income Tax Department’s internal processes. Generally, refunds are issued within 7 to 120 days, with an average of 90 days following the e-verification of your return. The Income Tax Department has introduced a new processing system to expedite refunds, aiming for a quicker turnaround.
For returns submitted in AY 2023-24, the average processing duration has been reduced to 10 days, compared to 82 days for AY 2019-20 and 16 days for AY 2022-23.
Mode of Receiving the Refund
Refunds are typically issued via electronic transfer (direct credit to your bank account) or by a refund cheque. Ensure that you provide accurate bank account details, including the IFSC code and PIN code, during the filing of your return. Refund cheques are dispatched to the address provided in your ITR.
Interest on Income Tax Refund
If your refund amount exceeds 10% of the total tax payable for the year, you will receive simple interest on the refund. The interest is calculated at 6% per annum from the start of the next financial year until the refund date.
Claiming Refund for Late ITR Filing
The deadline for filing your ITR for non-audit cases was July 31, 2024. If you miss this deadline, you can still file a belated return until December 31, 2024, and claim your refund.
Income Tax Refund Helpline
For queries regarding your income tax refund, you can reach out to the Aaykar Sampark Kendra at 1800-180-1961 or email refunds@incometax.gov.in. For issues related to refunds processed at CPC Bangalore, contact 1800-425-2229 or 080-43456700. For payment-related queries, call the SBI Contact Centre toll-free number at 1800-425-9760.
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