Question

How long does it take for income tax refund in india?

Answer 1

We are often rewarded in life when we do something right or exceptional. But, imagine getting rewarded for an error or mistake made.  It is a common scenario that a salaried employee often forgets to mention all his/her investments, that are eligible for deductions, thus resulting in more taxes being deducted from his/her salary. But this error/mistake is probably one of the few situations in life that is easily fixable, when filing your annual income tax return.  As per the income tax return filed by the individual, when more taxes have been paid than owed, the income tax department issues an income tax refund to the taxpayer, which we will discuss in this guide.

What is Income Tax Refund?

When a person files his/her tax return, the best thing he/she hopes for is a tax refund.  A refund occurs when the taxpayer has paid more than he/she was due to pay.  When this occurs the Income Tax Department, issues a refund, which is credited to the bank account mentioned when the tax return was filed or a cheque is sent to the mailing address.

How Does a Tax Refund Arise?

When a taxpayer pays more than the amount owing in taxes, the ITD issues a refund. For salaried individuals a refund arises because certain investment details or eligible deductions were unclaimed.  Therefore, at the time of filing his/her income tax return, after declaring all investments and eligible deductions, the amount of taxes deducted results in being greater than the amount owing, which the ITD returns to the taxpayer.

How to check your income tax refund status online in 5 easy steps

Open https://tin.tin.nsdl.com/oltas/refundstatuslogin.htmlwebsite in your browser

Enter your registered PAN number used for Income Tax e-Filing

Select the relevant Assessment Year from the drop down menu

Enter the ‘Captcha Code’ showed on the screen

Click the ‘Submit’ button





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Answer 2

nearly about 21 days, it take for income tax refund in india