ITR Filing: Claim Your Income Tax Refund Online for FY 2023-24; Know How?

The process of filing your Income Tax Returns (ITR) can be tough work. But, Filing of ITR is important and one may be eligible for a refund on taxes that were paid in excess. Through simple steps, you can get a refund. Let’s know how an income tax refund can be claimed online. This is for the years 2023-2024.

How to Get Your Income Tax Refund

1. File Your ITR: First log into the Income Tax Department’s e-filing portal. Fill in all necessary details correctly in the ITR form. Providing the correct bank account details will help to get a refund directly credited to the account.

2. Verify Return: After filling in all details verify your return. Do this by methods like net banking or Aadhar OTP. Other available methods exist. On the portal, it is an important step. Your return will not be processed without verification.

3. Check Refund Status: Once your ITR is processed you can check the status of your refund online. Log in to the e-filing portal. Go to ‘My Account.’ Click on ‘Refund/Demand Status.’ Here you can see if a refund has been approved. And when it will be credited.

Understanding Interest on Income Tax Refunds

When the Income Tax Department delays issuing your refund you might be eligible for interest on refund amount. Here’s how it works.

1. Eligibility: If the refund due to you is more than 10% of your total tax paid, you are entitled to interest. The interest rate is usually 0.5% per month. Or part of the month.

2. Calculation Period: Interest is calculated from the date of tax payment until the date the refund is granted. For instance, for the financial year 2023-24 if a return is filed on or before the due date, interest is calculated from April 1, 2024, if the refund is delayed.

3. Interest Payment: The interest amount is added to the refund and paid together. It’s important to check the refund amount credited to your account. Compare with the details 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 notice discrepancies. Or have queries about excess refunds it’s best to contact the Income Tax Department immediately. You can reach out through the helpline numbers provided on the e-filing portal. Or visit the nearest Income Tax Office for assistance.

Claiming your income tax refund online is straightforward if you follow the steps carefully. Ensure your details are accurate. Keep track of your refund status and handle any excess refund promptly. This will make the process smoother and more efficient, ensuring you get your due refund; All without hassle.