TheTaxHeaven Dictionary - Know the meaning of tax

Income Tax Refund

Income Tax Refund Explained 

If you've paid more income tax than necessary in a financial year, you'll be refunded the excess. This refund is clarified under Section 237 of the Income Tax Act 1961 and must be verified by the Income Tax Department. 

Claiming an Income Tax Refund 

Form 30 is no longer needed for income tax refunds. You can file and verify your claim online within 120 days, either by sending a physical copy or electronically. Once verified, the refund will be credited to your account. 

Checking Income Tax Refund Status 

Your income tax refund status can be checked on the NSDL website or through the e-filing portal of the Income Tax Department. 

Deadline for Income Tax Refund Claims 

The deadline for claiming an income tax refund coincides with the deadline for filing your returns for the assessment year. For example, for AY 2022-23, the claim and returns must be filed by 31st March 2023.