The last date to file the income tax returns was July 31. The Income Tax Department said that around 6.77 crore individuals filed the income tax, 16.1 percent more than the overall ITRs for AY 2022-23 (5.83 crore) filed till July 31, 2022. 64.33 lakh individuals submitted their income tax returns on the very last day of the filing period. 5.63 crore of the total ITRs filed were e-verified.
Of the e-verified ITRs, 3.44 crore ITRs had been processed (61%) by July 31, 2023, according to data released by the income tax department. Among the 6.77 crore individuals, 53.67 lakh were first-time taxpayers.
How to check ITR refund status?
• Go to the official website of Income Tax Department at incometax.gov.in/iec/foportal/
• Press the Income Tax Return (ITR) Status link in the Quick Links section.
• Later press the “Check Refund Status” option followed by redirection to the new page.
• On the new page, press your Permanent Account Number (PAN) and select the Assessment Year (AY) of your ITR filing.
• Both of these details can be found on your income tax return acknowledgment receipt.
• Press the Captcha code shown on the screen for verification.
• At last, press the “Submit” or “Check Status” button to view the status.
Who will get a Tax refund?
The Income Tax (I-T) Department gives refunds to those who have paid tax ahead of time or have had TDS deductions on their income. This is an extra tax that is returned to you under Section 237 of the Income Tax Act 1961.
When you file, the I-T department confirms your docs to view whether you are qualified for a refund. If you have paid tax before time, it is returned to you. You can have a refund from the Income Tax department if you meet specific conditions:
• If the advance tax that you have paid is over 100% of your genuine tax liabilities in the monetary year under review.
• Your TDS payments are more than your final tax liability after regular tax evaluation.
• You made some last-moment tax-saving investments that might have been guaranteed as exemptions under Sections 80C, 80CCC, 80CCD and 80D.
• You made a few mistakes in your evaluation and inadvertently paid more taxes.
• Paying tax in a foreign country can be double taxation avoidance agreement (DTAA) with India.
ITR filing: Essentials
It is advisable to check your Income Tax Return (ITR) refund status a couple of days after filing your taxes. The refund cycle can take anywhere between 7 to 120 days to be credited to your account after the e-verification of your return. But, the cycle can be quicker, with refunds being returned as fast as in somewhere around 2 days of e-verification.
The guideline is that you can ensure a refund within 12 months of the end of the evaluation year for which you have filed your ITR. However, CBDT permits a tax refund for income taxes paid within six successive assessment years. The absolute case amount for an evaluation can’t be more than Rs 50 lakh. Also, you will not get interest income on the tax refund. However, you will receive interest at a rate of 0.5% on the refund tax amount if it is more than or equal to 10% of the total tax paid under Section 244A.
Make sure to e-verify your ITR as soon as you file it to ensure that you get your refund on time. Remember that the specific duration for the refund to be credited may differ in view of different elements, for example, the intricacy of your return and the processing load at the tax department. In addition, make sure that your contact and bank account details are exact and updated.
