ITR: When Will You Receive Your Income Tax Refund? Check the Details

Stay informed about your tax refund by knowing the processing times, how to track it and what to do if there are any delays.

Outlook Money

Updated on: 5 August 2024 10:02 am

ITR Filing, Income Tax Refunds, ITR

The deadline for filing income tax returns (ITRs) was July 31, 2024, and taxpayers are now awaiting refunds for any excess taxes paid. According to the latest figures, over 7.28 crore ITRs were filed, marking a 7.5% increase from the previous year.

While not all taxpayers will receive a refund those who have overpaid their taxes will be eligible for one. The refund process begins once the return is filed and approved by the income tax officer, offering financial relief given the typically lower TDS rates compared to income tax slab rates.

What is a Tax Refund?

An income tax refund is issued when the total tax paid during the financial year exceeds the actual tax due. This can occur from TDS, advance tax, or self-assessment payments.

When you file your income tax return (ITR), the income tax department reviews your payments and assesses whether you’ve overpaid. If so, a refund for the excess amount is processed. This ensures you receive back any overpayment, though no interest is paid on the refund. To prevent overpayment, it’s important to estimate your tax liability accurately and adjust your payments throughout the year.

When Do You Get the Tax Refund?

The refund process begins once the e-verification of your return is completed. Generally, it takes 4 to 5 weeks from the date of e-verification for the refund to be credited to your account. This period is counted from the e-verification date, not the ITR filing deadline.

If the refund is not received within this timeframe, review your tax return for discrepancies and monitor your email for any notifications from the income tax department about your refund status.