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How to get IT refund?


Posted on : 08/Aug/2019 11:22:35 AM

Most of us, especially the monthly salaries class of employees think it is rather tedious and a long-wound effort to claim a refund from the Income Tax Department as they visualize cumbersomely procedures, asking for several proofs and time delay!

However, claiming an income tax refund is not so difficult a process! One only needs to follow some systematic steps for claiming IT refund! Here they are:

Filing IT return

The 1st step is to file the Income Tax return. This can be done online at the official Income Tax e-Filing website! Immediately after filing your IT return online, you will receive an acknowledgement with your digital signature.

There is an option to physically sign the ITR-V form generated online and submit it to Income tax processing centre within a specified timeline (within 120 days of return filing).

The general deadline every year for filing IT return as set by the Department of Income Tax is 31st July. There are occasions where this is extended by the IT Department.

Scrutiny of filed IT return and processing of IT refund

Once the IT return of IT is filed, there is the departmental procedure for scrutiny and then allow for the refund of IT if claimed. Please note that the IT Refund claims are processed through State Bank of India.

Modes of IT refund payment

Mode of payment of refund is based on the details furnished as per the filed income tax return.

  • It can be through ECS (electronic clearing system) or through demand draft or cheque.
  • If you choose to get the refund credit through ECS, its essential to provide all the necessary details such as bank account number, bank branch and IFSC code correctly in the income tax return file.
  • If you choose to receive the refund through demand draft or cheque, it will be sent to your communication address mentioned in the ITR filed.

Process time

Usually, it takes about 3-6 months to get the refund from the date of e-filing the ITR. It may even take longer time if returns are filled physically.

In case your tax return record says you have paid in excess, then the extra amount paid has to be claimed as refund separately.

Its important to ensure this excess tax paid is reflecting in your Tax credit Statement Form 26AS to get the tax refund.
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