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Income Tax Refund

What is an Income Tax refund?

A taxpayer may get back some of the tax paid by him/her during a certain financial year if he/she has paid more tax than what he/she actually owes for that financial year. This is an income tax refund and can be claimed under Section 237 of the Income Tax Act 1961. However, the claim of an income tax refund by a taxpayer through ITR is not final and must be verified by the Income Tax Department.

How can an income tax refund be claimed?

Taxpayers no longer need to complete Form 30 to get income tax refunds. It can be filed online and verified within 120 days. It can be verified either by sending a hard copy or electronically. 

Income Tax Refund will be credited to the taxpayer account once verified by the Income Tax Authority.

Income Tax Refund Status

 Income Tax refund status can be checked on the NSDL website or logged in through the e-filing portal of the Income Tax Department.

Deadline for claiming Income Tax Refund

The due date for claiming an income tax refund is the same as when filing your returns for any assessment year. This means taxpayers must file their returns and claim their refund by the end of the assessment year. For example, for AY 2022-23, taxpayers must file their returns and claim their refund by 31st March 2023, the last date for belated filing of ITR for FY 2021-22.

Check Your Income Tax Refund Status Now