How Soon Will My Tax Refund Arrive After I File My ITR?
Updated: 16-05-2025 at 12:31 PM
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Tax Deducted at Source (TDS) is the sum that is deducted from a taxpayer’s income like salary, interest from bank accounts, rent etc. If the TDS collected is more than what you owe to the government, you can get a TDS Refund.
The Income Tax Department provides an online facility for tracking your Income tax refund status. Individuals filing an Income Tax Return (ITR) with hopes of receiving a refund should have an in-depth knowledge of how this process works - let us explore it further here!
How Long After Submitting The ITR Will I Get My Tax Refund?
An income tax refund is paid by the income tax department when a taxpayer has overpaid tax through various channels such as advance tax, TDS/TCS collection/collection or self-assessment. As part of their assessment of taxpayer tax liabilities, income tax departments carefully factor in any applicable deductions or exemptions before reaching a final calculation for your taxes due.
Refund processing begins once taxpayers have electronically verified their return with the tax department; typically this takes four or five weeks until their refund arrives in their accounts.
The Income Tax Department implemented a new refund processing system to enable faster refund processing with an expected turnaround of a few days instead of a few months. Consistent with this objective, the average ITR processing duration has been reduced to 10 days for returns submitted in the FY 2023-24, as opposed to 82 days for returns submitted in the AY 2019-20 and 16 days for returns submitted in AY 2022-23.
Read More: TDS: Things Every Taxpayer Should Know!
How To Claim TDS Refund Online ?
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To claim your TDS online, you must first register on the IT department’s website: https://incometaxindiaefiling.gov.in/.
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After registration, you can file your income tax return by downloading the relevant ITR form.
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Fill in the necessary information. Upload the Form and click submit.
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After filing the ITR, an acknowledgement will be created for it, which you must e-verify. You can verify your identity electronically using digital signatures, an Aadhaar-based OTP, or your bank’s net bank account.
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If you cannot verify the ITR, you can confirm it by submitting a physical copy to the IT department.
Read More: Budget 2024: 10% TDS On Firm To Partner Payments Under New Section 194T
Interest On TDS Refund
If the IT department is not giving you the TDS refund in the manner that is applicable, the tax department must pay the amount at an interest of 0.5 per cent per month or a portion of the month (i.e., per cent per year). This is a provision of Section 244A in the Income Tax Act. The interest accrues from the beginning of the assessment year if the ITR is filed by the due date and from the filing date of the returns in any other circumstance.
No refund will be granted if the refund amount is less than 10 per cent of the tax to be paid or if the refund amount is not more than Rs.100 and there is no refund. Furthermore, the interest earned is taxable under the heading ‘income from other sources’.
Conclusion
Filing an ITR was due by 31st July 2024 for non-audit cases; if you were unable to file before then, late filing (known as belated returns ) remains possible until 31 December 2024; using this route, you can claim any tax refunds due.
Facing any issues, reach out to the Income Tax Department helpline number at 1800-103-0025.
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