Income Tax Return Processing Time AY 2024-25 | Income Tax Refund in Bank Account time
About video
The process for claiming a Tax Deducted at Source (TDS) refund in India involves several steps. Here's an overview of the process:
Filing Income Tax Return (ITR): The first step is to file your Income Tax Return (ITR) for the relevant assessment year. Ensure that you include all the necessary details of your income, deductions, and TDS information in the ITR form.
Verification and Processing: After you file your ITR, it goes through a verification and processing stage by the Income Tax Department. They review the information provided in the return and match it with the TDS details available in their database.
Intimation/Assessment: Once the verification is complete, the Income Tax Department will issue an intimation or conduct an assessment. This communication will determine whether you are eligible for a TDS refund or if there are any outstanding tax liabilities to be paid.
Refund Determination: If you are eligible for a TDS refund, the department will calculate the refund amount based on the excess TDS deducted from your income.
Refund Issuance: The Income Tax Department will initiate the refund process once the refund amount is determined. The refund can be issued through either a direct bank transfer (Electronic Clearing Service or NEFT) or a physical cheque sent to your registered address.
Refund Status Tracking: You can track the status of your refund through the online portal of the Income Tax Department. The refund status will be updated as the process progresses, and you will be able to know when the refund has been processed and if there are any issues or delays.
It's important to note that the time taken to receive a TDS refund can vary. In some cases, it may take a few weeks, while in others, it could take several months, depending on the complexity of your return and the workload of the Income Tax Department.
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