How Soon Will My Tax Refund Arrive After I File My ITR?
Updated: 28-01-2025 at 6:35 AM
1k
Tax Deducted at Source (TDS) is the sum that is deducted from a taxpayer’s income like salary, interest from bank accounts, rent etc. If the TDS collected is more than what you owe to the government, you can get a TDS Refund.
The Income Tax Department provides an online facility for tracking your Income tax refund status. Individuals filing an Income Tax Return (ITR) with hopes of receiving a refund should have an in-depth knowledge of how this process works - let us explore it further here!
How Long After Submitting The ITR Will I Get My Tax Refund?
An income tax refund is paid by the income tax department when a taxpayer has overpaid tax through various channels such as advance tax, TDS/TCS collection/collection or self-assessment. As part of their assessment of taxpayer tax liabilities, income tax departments carefully factor in any applicable deductions or exemptions before reaching a final calculation for your taxes due.
Refund processing begins once taxpayers have electronically verified their return with the tax department; typically this takes four or five weeks until their refund arrives in their accounts.
The Income Tax Department implemented a new refund processing system to enable faster refund processing with an expected turnaround of a few days instead of a few months. Consistent with this objective, the average ITR processing duration has been reduced to 10 days for returns submitted in the FY 2023-24, as opposed to 82 days for returns submitted in the AY 2019-20 and 16 days for returns submitted in AY 2022-23.
Read More: TDS: Things Every Taxpayer Should Know!
How To Claim TDS Refund Online ?
-
To claim your TDS online, you must first register on the IT department’s website: https://incometaxindiaefiling.gov.in/.
-
After registration, you can file your income tax return by downloading the relevant ITR form.
-
Fill in the necessary information. Upload the Form and click submit.
-
After filing the ITR, an acknowledgement will be created for it, which you must e-verify. You can verify your identity electronically using digital signatures, an Aadhaar-based OTP, or your bank’s net bank account.
-
If you cannot verify the ITR, you can confirm it by submitting a physical copy to the IT department.
Read More: Budget 2024: 10% TDS On Firm To Partner Payments Under New Section 194T
Interest On TDS Refund
If the IT department is not giving you the TDS refund in the manner that is applicable, the tax department must pay the amount at an interest of 0.5 per cent per month or a portion of the month (i.e., per cent per year). This is a provision of Section 244A in the Income Tax Act. The interest accrues from the beginning of the assessment year if the ITR is filed by the due date and from the filing date of the returns in any other circumstance.
No refund will be granted if the refund amount is less than 10 per cent of the tax to be paid or if the refund amount is not more than Rs.100 and there is no refund. Furthermore, the interest earned is taxable under the heading ‘income from other sources’.
Conclusion
Filing an ITR was due by 31st July 2024 for non-audit cases; if you were unable to file before then, late filing (known as belated returns ) remains possible until 31 December 2024; using this route, you can claim any tax refunds due.
Facing any issues, reach out to the Income Tax Department helpline number at 1800-103-0025.
Frequently Asked Questions
0
0
1k
0
0
1k Views
0
No comments available
Our Company
Home
About
T&C
Privacy Policy
Eula
Disclaimer Policy
Code of Ethics
Contact Us
Cancellation & Refund Policy
Categories
Women
Insurance
Finance
Tax
Travel
Transport & Infrastructure
Food
Entertainment
Communication
Government ID Cards
E-commerce
Traffic guidelines
Miscellaneous
Housing and Sanitation
Sports
Startup
Environment and Safety
Education
Agriculture
Social cause
Disclaimer: Jaagruk Bharat is a private organization offering support for documentation and government scheme access. We are not affiliated with any government body. Official services are available on respective government portals. Our goal is to make processes easier and more accessible for citizens.
Jaagruk Bharat with its team work tirelessly to bring all government schemes, Sarkari Yojanas, policies and guidelines to you in a simplified and structured format.
Our team is at the forefront of gathering, verifying and breaking all central government and state government regulations uncomplicatedly.
Our mission and vision are to make the common citizen of India aware of all government-laid-out rules and policies in a single place. Thus, we Jagruk Bharat have created an all-inclusive portal for 1.5 billion Indian citizens to understand, utilize and avail benefits of govt schemes and policies and by bringing them under one roof.
Jaagruk Bharat (जागरूक भारत) is a one stop centralised destination where you can effortlessly find, understand, and apply for various government schemes. We are committed to ensuring transparency and empowering Indian citizens. Our goal is to keep India Jagruk about government policies, the latest news, updates, and opportunities.
All Copyrights are reserved by Jaagruk Bharat