What is Income Tax Refund?Income tax refund means a refund amount that is initiated by the income tax department if the amount paid in taxes exceeds the actual amount due (either by way of TDS or TCS or Advance Tax or Self-Assessment Tax) and is known as an income tax refund. The tax is calculated after taking into consideration all the deductions and exemptions at the time of filing of Income Tax Return. Show
 How to claim an income tax refund?For claiming your income tax refund or TDS refund all you need to do is give written proof to the Department about your Income and deduction details, by way of filing your Income Tax Return. It is essential to remember that online filing of the return is a must to claim your Income Tax Refund. File your Income Tax Return now: Tax2win.in I forgot to file my Income Tax Return within the due date, can I claim my refund now?Don’t worry, if you missed the bus, you can still file a Belated/Late Return under section 139(4) and you’re good to go! To know more about Belated Return, refer to our blog The filing for Financial Year (FY) 2021-22 Assessment Year (AY) 2022-23 has begun. The due date for which was 31st July 2022 but the belated return can be filed upto 31st March 2023. After filing & e-verifying your return, use our tool to check your ITR refund status. I am eligible for a refund as per my ITR but haven’t received it yet?Refund processing by the tax department starts only after the return is e-verified by the tax filer. Usually, it takes 25-60 days for the refund to be credited to your account. However, If you haven't received your refund during this time duration, you must check for discrepancies in your ITR; check your email for any notification from the IT department regarding the refund. To know how to verify your Income Tax Return, refer to our guide. If it’s already been verified, then the reason for not receiving your refund can be:
How much time does it take for a refund to get credited to my Bank Account?Generally, as mentioned earlier, it takes 20-60 days from the date of e-verification of your Income Tax Return to get your refund credited. However, for the returns verified through sending of ITR-V to CPC Bengaluru, it may take some more time. For how many previous years can I claim an income tax refund?Earlier, the taxpayers had the freedom to file IT returns for two financial years. However, as per the new rules, IT refund can only be filed for one financial year. In case, you have a refund due for the years preceding the aforesaid year and you forgot to file an income tax return for those years, then you can take respite of CBDT Circular No: 9/2015 to get a refund for previous six assessment years. So, as per this provision, you can claim a refund for the AY 2013-14; AY 2014-15; AY 2015-16; AY 2016-17; AY 2017-18 and AY2018-19. This circular can be used only where your refunds are the result of the excessive deduction/collection of tax and/or excess deposit of advance /self-assessment tax.
Note: These authorities have all the powers to make necessary inquiries or scrutinize to ascertain the correctness of the claim and accept/ reject your application. Also, in such cases the Income Tax department shall not pay any interest on the delayed refunds. What is the meaning of the different “Refund Status” ?
What are the different ways in which refund is issued by the Department?The Refunds are sent by the Income Tax Department in two ways- The Income Tax Department has altered the process of claiming the ITR refund a bit. It has been made compulsory by the IT Department to pre-validate your bank account in which you wish to receive the income tax refund. Pre Validating a bank account alone is not enough, the individual also needs to link the PAN with the bank account.This has come into force from March 1, 2019. Will I also get any interest for the delayed refund?Yes, the Income Tax department takes the responsibility of granting a simple interest @ 0.5 percent per month to compensate for the delayed refunds .In the case of refund arising out of TDS / TCS / Advance Tax – Interest is calculated @0.5% for every month or part of a month for a period starting on 1st April of the relevant AY till the date of grant of refund, in case the return is filed on time i.e., on or before the due date. However, if the return is not filed within the due date the period of interest shall be from the date of filing the return to the date of grant of refund.In this case, if the refund is less than 10% of the tax determined under assessment or in intimation u/s 143(1), then you are not entitled to any interest. In the case of refund arising out of self-assessment tax u/s 140A – Interest is calculated @0.5% for every month or part of a month for a period starting from the date of filing of return or payment of tax, whichever is later to the date of grant of refund. In this case also, if the refund is less than 10% of the tax determined under assessment or in intimation u/s 143(1), then you are not entitled to any interest In case of variation in the amount of refund – Where, as a result of an order u/s 143(3) / 144 / 147 / 154 / 155 / 250 / 254 / 260 / 262 / 263/ 264 or an order of the Settlement Commission u/s 245D (4), the amount of refund payable has been increased or reduced, then the amount of interest shall be increased or reduced accordingly. The assessing office may issue a demand notice for recovery of excess interest paid in a case where the interest is reduced. In any other case – Interest is calculated @0.5% for every month or part of a month for a period from the date of payment of tax to the date of grant of refund. Suppose, Ms. Gupta has paid advance taxes of Rs. 50,000 over the year when she was actually liable to pay a tax of Rs. 30,000 only, then, in that case, she is entitled to a refund of Rs. 20,000/- along with the interest @0.5%. Let’s say, that Ms Gupta filed her return on 5.09.2019 i.e., after the due date and the refund of Rs. 20,000 is received by her on 30.11.2019, then, the interest payable shall amount to Rs. 300/-. (Rs. 20,000 x 0.5% x 3 months) Notes: Interest on Refund in case of Appeals/Revision of IT order In case, any refund arises out of Income Tax Appeal or revision of passed orders, then you are entitled to additional interest over and above the one specified earlier, for delay beyond the time prescribed by the department (3 months from the end of the month in which the appellate order is received by the PCCIT/ CCIT / PCIT/ CIT or in case of revision, 3 months from the end of the month in which the order is passed by the PCCIT/ CIT) @ 3 percent per annum for the period beginning from the date following the date of expiry of prescribed period till the income tax refund date. When & How to apply for Refund Reissue?First verify your Income Tax Return, then track the status of your income tax refund with the department. In case, you have still not received your refund then one of the reasons for the ITR refund delay could be due to a problem in your bank account or address details. In such a situation, you can make a “refund reissue” request to the Income Tax Department but only after receiving an "Intimation" Simple steps to apply for Refund Reissue:
Once all these steps are done successfully, you can then check the refund status on the dashboard. How to update Address/Email id/Mobile number for all communications with the Income Tax Department?
The changes made by you, in the bank/address details will be automatically updated in the centralized TIN database, and your refund amount will be reissued to you as per your updated records. You can check income tax refund status in the following manner: With Income Tax login To check the status of the refund, there is no separate tab for it in the new portal, just click on the service tab and then click on the “ refund reissue” tab and you will be redirected to the reissue status page. Without Income Tax Login
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What are the possible reasons for Income Tax Refund delay?There are various possible reasons for income tax refund delay
Can any other person get my refund?As per the law, only the person whose excessive tax is deducted is eligible to get a refund. However, there are a couple of exceptions to this: When your income is included in any other person’s income (as per provisions of the law), then the latter alone can get your refund. In case of death, incapacity, insolvency, liquidation or any other reason when you are unable to claim/receive a refund, then your legal representative or trustee or guardian or receiver shall be entitled to your refund. How to contact an assessing officer for an income tax refund?
What does it mean when your tax return says still being processed 2022?Return Being Processed Means The IRS Received Your Tax Return, But It Could Still Be Delayed. Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund. The answer: not much yet!
Why are 2022 refunds taking so long?Is There a Delay on 2022 Tax Refunds? Last year, many taxpayers ended up waiting longer than the usual 21 days — some as long as eight weeks — to receive their refunds as the IRS was dealing with the backlog of returns caused by the COVID-19 pandemic. The IRS is still working through this backlog of 2020 tax returns.
Why is my tax return still being processed?If your tax return status is "Still Being Processed" your tax return could be essentially on hold until the IRS corrects any issues and/or gets the additional information from you to continue processing your return.
Why does it say your tax return is still being processed a refund date will be provided when available?If you're still waiting on your tax refund, it's possible that your tax return is taking longer for the IRS to process because it requires additional review. There are several reasons why your tax return may be delayed: Errors such as an incomplete filing status. Missing information.
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My refund is still being processed 2022
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