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INCOME TAX REFUND: General Information

An Income Tax Refund is a kind of refund that is given to the tax payer, if he/she has paid more tax than he/she was supposed to. It is a reverse payment provided to the tax payer by the Income Tax authorities.

Who is eligible for refund of Income Tax?

There are numerous situations, where an individual becomes eligible for tax refund and they are as follows: -

  • If a tax payer has paid more income tax, than he was liable to, then the tax payer can claim tax refund.
  • If an employer deducts more TDS than the actual tax liability of the tax payer, then tax payer can claim refund of income tax.
  • The tax payer will get a refund if, the tax payer is taxed in a foreign country with which the government of India has an agreement to avoid double taxation.
  • If the tax payer has not mentioned some investments, that can provide him/her tax benefits, then in that case tax payer can get tax refund.

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Tax Refund

How you can get your income tax refund?

In India you can claim income tax refunds, by filing income tax returns. The last date to file your income tax return every year is the 31st of July, but there can be an extension for contingencies. You must also have made sure that your ITR is error free and that there are no discrepancies between your Form 16 and Form 26AS. Also read this blog.

How much tax refund can you get?

To know the exact refund amount, you need to calculate the tax you are liable to pay and then you need to check, how much you have actually paid. If you deduct your tax liability from the tax paid, you will get your refund amount. You can use our income tax calculator which will give you the exact amount you need to pay.

How much time does it take to receive the IT refund?

You can expect your money back within 2 to 6 months, from the date of e-filing income tax return, if you file your income tax return manually it may take more time to get refund. You can get tax refund in the form of a cheque or the amount will be credited to your account. You can claim up to 2 previous financial years.

Here’s how you can check your Income tax refund status: -

  • If you have filed your tax return manually then you need to contact your assessing officer.
  • If have filed your return online, then you can simply click on this link.

Frequently Asked Questions

Q. What If my tax refund status says, expired?

The period for processing is 90 days, if this validity period expires, then it would be marked as expired or cancelled. If your status says returned, then it means that, your refund has been returned unreceived. In that case your refund will be cancelled and retained at CMP centre. This is because of the statute of limitations in law.

The above rule holds true in case you have received refund through a cheque.

Q. What if my IT refund cheque expired?
If your cheque has expired, then you can make a refund re-issue request using the official website of the Income Tax department, by going to e-filing portal.
Q. Can I get a refund for a previous year?

Thankfully, yes! Section 239 of the Income Tax Act, 1961, clause 2, says that no claim for refund would be allowed for a previous assessment year except when claimed within a period of 1 year from the day the last assessment year ended.

This is subject to special exceptions, however. Read more here.