ITR Filing: Claim Your Tax Refund Online in ITR Filed for FY 2023-24; Know How?
The Income Tax Returns (ITR) filing process can be a bit lengthy process for Taxpayers. However, ITR Filing is most significant for every individual who is earning income from any source. ITR Filing comes with many perks and one of them is that one may be eligible for a tax refund on taxes that were paid in excess. You can get a refund through simple steps. Let’s know how you can claim an income tax refund online for the financial years 2023-2024.
How to Get Your Income Tax Refund
1. File Your ITR: First, use the Income Tax Department’s e-filing portal. Fill out the ITR form completely and correctly. Providing the correct bank account information can assist you get a refund credited immediately to your account.
2. Verify Return: Verify your return after you’ve filled out all of the details. You can do this through net banking or Aadhar OTP. There are several alternative methods. On the portal, it is a critical step. Your return will not be processed unless verified.
3. Check Refund Status: Once your ITR has been completed, you can view the status of your refund online. Log into the e-filing portal. Go to ‘My Account.’ Click ‘Refund/Demand Status.’ Check here to see if your refund has been authorized. And when will it be credited?
Understanding Interest on Income Tax Refunds
You may be eligible for interest on the refund amount when the Tax Department delays issuing your refund. This is how it works.
1. Eligibility: If your refund is more than 10% of your total tax paid, you are entitled to interest. The interest rate is typically 0.5% each month. Or part of the month.
2. Calculation Period: Interest is assessed from the date the tax is paid until the refund is received. For example, interest is calculated for the financial year 2023-24 beginning April 1, 2024, if the refund is delayed.
3. Interest Payment: The interest is added to the return and paid jointly. It is critical to verify the refund amount credited to your account. Compare this to the information provided on the e-filing portal.
What to Do in Case of Receiving Excess Refund?
Sometimes due to errors, the department might issue a refund exceeding the eligible amount. Here’s what you need to do:
Paying Interest on Excess Refund
If you receive an excess refund you are liable to pay interest on that amount. The interest rate is 0.5% per month or part of the month. This is calculated from the date of refund. Until you repay the excess amount.
Repayment Process
You must repay the excess amount along with interest This is to avoid any legal complications. To do this log into the e-filing portal and raise a request. Follow instructions for repayment. This ensures compliance. And prevents further penalties.
Contacting the Tax Department
If you detect any irregularities. If you have questions concerning excess refunds, it’s essential to contact the Income Tax Department immediately. You can contact out via the helpline numbers listed on the e-filing portal. Alternatively, you can seek guidance at your nearest Income Tax Office.
Claiming your income tax refund online is simple provided you follow the instructions correctly. Make sure all of your information is accurate. Keep track of the status of your refund and deal with any excess refunds promptly. This will make the procedure easier and more effective, ensuring that you receive your correct return. All without any fuss.
