If you have overpaid your taxes, you may qualify for a refund. The Income Tax Department offers an online platform to check your income tax refund status. Enter your PAN and the Assessment Year to track your refund.

Understanding Income Tax Refunds

Refunds are processed once you e-verify your return, typically within 4-5 weeks. If the refund is delayed, follow these steps:

• Check Your ITR: Log into the e-filing portal at Income Tax e-filing and review your return.
• Monitor Emails: Watch for updates from the Income Tax Department.
• Track Refund Status: Use online methods described below.

How to Claim an Income Tax Refund

To claim a refund, file your Income Tax Return accurately. The refund is calculated as:

Income Tax Refund = Taxes Paid - Total Tax Liability

For example, if Mr. Gupta paid ₹3,00,000, but his liability is ₹2,00,000, he is entitled to a ₹1,00,000 refund.

Methods to Check ITR Refund Status for AY 2024-25

1. Income Tax Portal: Log in, navigate to ‘View Filed Returns’ and check the status.
2. NSDL Portal: Use PAN details to check refund status.
3. TRACES: Access Form 26AS to verify tax credits.

Understanding Refund Status

Your refund status can be:

• No E-Filing Done: Check the correct Assessment Year.
• Under Processing: Wait a month for updates.
• Refund Issued: Check your bank account or mail.
• No Demand No Refund: Verify if deductions were missed.
• Refund Failure: Update bank details for a refund reissue.
• Transferred to Assessing Officer: Seek clarification from the officer.

Is the Income Tax Refund Taxable?

The refund itself is not taxable, but the interest on it is taxable per your tax slab rate.

Receiving Your Refund

Typically issued within 7-120 days via electronic transfer or refund cheque. Ensure accurate bank details are provided.

Interest on Refund

If the refund exceeds 10% of your tax payable, you'll earn 6% annual interest from the next financial year until the refund is processed.

Late ITR Filing Refund

For missed deadlines, a belated return can be filed until December 31, 2024, to claim refunds.

Income Tax Refund Helpline

For queries, contact the Aaykar Sampark Kendra at 1800-180-1961 or email refunds@incometax.gov.in. Additionally, for CPC Bangalore, dial 1800-425-2229.