Timeline for Income Tax Refund for AY 2023-24

Timeline for Income Tax Refund for AY 2023-24

Numerous taxpayers who have already submitted their returns are curious about when they will receive their refunds, if any, from the income tax department. The income tax department has also received an inquiry about this on social media.

The system for submitting taxes is much quicker than a few years ago. The entire written procedure and issuing of refund now only takes a few weeks.

Tax officers send an email notification under Section 143 (1) with information on refunds, if any, after processing and the assessee’s income tax return. The notification alerts you to mistakes on omissions in your ITR and increases the tax obligations. Typically receives an intimation under Section 143 (1) in the following circumstances:

● If the tax has been overpaid, a tax refund is mentioned in the notification (as in my situation, where the message says, “You have a tax refund”). Refunds only start when the amount is more significant than Rs. 100.
● Suppose the taxpayer paid less tax during the applicable fiscal year. In this instance, the notification includes being challan for payment and the amount.
● If the ITR submitted is accurate in the eyes of the Assessing Office, the notification can alternatively take the form of a state forward acknowledgment.

Refund Eligibility for ITRs

If the taxes you paid during a fiscal year were greater than your actual tax due, you could obtain an income tax refund from the tax authorities. Some explanations as two why attach pair may have overpaid taxes include the following:

• Self-assessment-based advance tax payment exceeds actual tax liability.
• Employer’s tax deduction at source TDS deduction exceeds the tax liability.
• Tax calculation errors lead to larger tax payouts than the existing tax due.
• The double taxation of money generated abroad.

However, you must accurately file your ITR and have it confirmed to receive a refund for the excess tax you paid.

Calculation of Income Tax Refund

Any advance taxes, TDS, TCS, and self-assessment tax will all be included in the total tax paid for the year. You may be eligible for an ITR refund if this exceeds your actual tax obligation. You may calculate your income tax refund using the same Income Tax calculator.

Total tax paid for the year – total tax payable for the year = Income Tax Refund

As already indicated, you can check the status of your ITR refund online using the NSDL website or the Income Tax e-filing portal.

How to Track Your Income Tax Refund?

As already indicated, you can check the status of your ITR refund online using the NSDL website or the Income Tax e-filing portal.

Online Income Tax Filing

• Please visit incometaxindiaefiling.gov.in/home.
• Use your USER ID, which should be your PAN number, password, and the captcha code to enter your account.
• Make your way to the “View Returns / Forms” tab.
• Find the ‘Select an Option’ on this page, then click the ‘Income Tax Returns’ option from the drop-down menu.
• After entering the assessment year, submit the form.
• You can check the progress of your ITR refund status by clicking on the pertinent ITR acknowledgment number.

How Should I Proceed if the Refund is not Processed?

• After completing your ITR, the CDC typically processes income tax refund 20 to 45 days later.
• If you still need to get your fund, the first thing to do is visit the evening portal or NSDL and see if it has been processed. You may have to resubmit your returns, hold out a little longer, or contact the jurisdictional assessing officer to learn the cause of the delay, depending on what it says.
• Additionally, you can enquire about an income tax refund with NSDL. To verify your income tax refund, you only need to visit the NSDL webpage and enter some simple information such as PAN and assessment year.

For any questions, contact the notification and processing center by calling 18001034455 or + 91-80-46605200 from Monday to Friday with timings 8:00 AM to 8:00 PM. Refund@incometaxindia.gov.in is another email address you can use.

When will You Get an Income Tax Refund?

Taxpayers should be okay with when they get their refund. Instead, try to file your return immediately without any mistakes.

According to experts, estimating with precision when you will receive returns can be challenging. It can take 10 to 30 days or even longer, depending on the circumstances.
However, it is true that if every filer has accurately filled in their forms, they typically receive the refund early.

ITR processing takes longer when submitted in the final few days before the due date. Therefore, find your taxes as soon as possible to get your reference quickly.

Finance Minister Nirmala Sitharaman recently said that income tax return processing time has been reduced in the last few years. She said there had been a 100% increase in the total percentage of ITRs processed within one day of filing compared to the previous year.

Conclusion:

Taxpayers should exercise patience if their return is taking a while to arrive. Tax authorities are working hard to process returns as swiftly as possible. The return could, however, be delayed for a longer time in specific circumstances. Taxpayers should contact the tax office if they have questions about the progress of their refund.