How to Check Your Income Tax Refund Status for FY 2023-24 (AY 2024-25)

By Ektha Surana Updated on: July 12th, 2024

If you’ve paid more taxes than your actual liability, you might be eligible for a refund from the Income Tax Department. Fortunately, the department offers a user-friendly online system for tracking the status of your refund. Here’s how you can check the progress of your refund and address any issues that may arise.

Steps to Check Your Income Tax Refund Status

1. Through the Income Tax Portal:

• Visit the Income Tax Portal.
• Log in to your account using your PAN number.
• Navigate to ‘e-File’, select ‘Income Tax Returns’, and click on ‘View Filed Returns’.
• Select the relevant Assessment Year and view the status of your refund.

1. Through the NSDL Portal:

• Go to the NSDL Refund Status Page.
• Enter your PAN details, select the Assessment Year, and complete the Captcha code.
• Click ‘Proceed’ to view your refund status.

1. Through TRACES:

• Log in to the Income Tax Portal.
• Click on ‘e-File’, then ‘Income Tax Returns’, and select ‘View Form 26AS’.
• This directs you to the TRACES page. Click on ‘View Tax Credit (Form 26AS/Annual Tax Statement)’.
• Select the Assessment Year and view the refund details as ‘text’.

Understanding Your Refund Status

Here’s what different refund statuses mean:

1. No E-filing Done for Current AY: Indicates that your Income Tax Return (ITR) for the given assessment year has not been filed. Ensure you have filed your return before checking again.
2. Under Processing: The department is still processing your return. Check back after a month for updates.
3. Refund Issued: The refund has been processed and sent either via cheque or direct debit to your bank account.
4. Processed with No Demand No Refund: Either no refund is due or the department has found discrepancies. If applicable, revise your return or file a rectification request.
5. Refund Failure: This could be due to incorrect bank details or unvalidated accounts. Update your bank details and request a refund reissue.
6. Case Transferred to Assessing Officer: Further clarification or additional information is required. Contact the Assessing Officer for more details.
7. Demand Determined: Indicates that you owe additional taxes. Review the intimation and pay the required amount or file a rectification if you believe the assessment is incorrect.
8. Rectification Processed Refund Determined: Your rectified return has been accepted, and the refund is processed. Expect a revised intimation.
9. Rectification Processed Demand Determined: Even after rectification, the department finds outstanding taxes. Address the outstanding amount as per the intimation.
10. Rectification Processed No Demand No Refund: After rectification, neither extra taxes are owed nor is a refund applicable. A revised intimation will be sent.

Is the Income Tax Refund Taxable?

While the refund amount itself is not taxable, any interest earned on the refund is subject to tax according to your applicable tax slab.

Time Duration for Receiving a Tax Refund

Typically, it takes around 7 to 120 days for the Income Tax Department to process a refund after e-verification of the return. New systems have expedited this process, aiming for faster refunds, often within a few days. Historically, the average time was around 90 days, but recent returns for AY 2023-24 have seen processing durations reduced to about 10 days.

Mode of Receiving the Refund

Refunds are generally issued through electronic mode, directly credited to the provided bank account. In cases where electronic transfers are not possible, a refund cheque may be dispatched to the address mentioned in your ITR.

Interest on Income Tax Refund

Interest is calculated at 6% per annum on refunds exceeding 10% of the total tax payable, starting from the beginning of the next financial year until the refund date.

Claiming Refund for Missed ITR Filing on Due Date

If you miss the ITR filing deadline (31st July 2024 for non-audit cases), you can file a belated return by 31st December 2024 to claim your refund.

Income Tax Refund Helpline

For refund-related queries, contact:

• Aaykar Sampark Kendra: 1800-180-1961, or email refunds@incometax.gov.in
• CPC Bangalore: 1800-425-2229 or 080-43456700
• SBI Contact Centre: 1800-425-9760

By following these steps and understanding your refund status, you can efficiently manage and track your income tax refund for the financial year 2023-24 (Assessment Year 2024-25).

About the Author

Ektha Surana is a content marketer with a focus on simplifying complex tax topics and providing actionable insights into income tax laws. With expertise in tax regulations and content creation, Ektha offers practical advice to help individuals navigate their tax obligations effectively.