ITR Filing 2024: How To Claim Tax Refund Online

Producer: Priyanka Das Editor: Manuj Yadav

Individuals or businesses can receive a tax refund if they have paid more taxes than they owe for a particular financial year.

The excess tax can be claimed as a refund by filing your Income-tax return. It will be refunded to you by crediting it to your bank account.

Individuals need to file their income tax returns for the relevant assessment year by the due date specified by the Income Tax Department. The due date is typically July 31st of the assessment year.

After filing the income tax return, the Income Tax Department verifies the information provided and processes the return. This involves checking the calculations, deductions, and exemptions claimed by the taxpayer.

If it is found that the taxpayer has paid more taxes than required after considering deductions, exemptions, and credits, a refund is issued.

Refunds are usually issued through direct bank transfer (Electronic Clearing Service or NEFT) to the taxpayer’s bank account.

The refund amount includes any interest payable on the excess taxes paid, calculated from the date of filing the return to the date of refund.

Taxpayers can track the status of their tax refund online through the Income Tax Department’s website or the Tax Information Network (TIN).

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