By mistake, I paid more advance tax. How do I apply for refund. How much time will it take to get refund?
If you’ve paid excess advance tax, there is no separate application form. You’ll have to claim the refund by filing your Income Tax Return (ITR) for the relevant financial year. The Income Tax Department will calculate the excess and credit it to your bank account automatically after processing your return.
Hope this helps!
Thank you for the response. It is helpful. Since getting refund takes a long time, do we get interest on the excess payment. If yes, at what rate?
Yes, you get interest at 0.5% per month on the excess tax you paid. It is calculated from the 1st of April of the Assessment Year, to the date the refund is granted, if you file your ITR before the due date. So you should file your ITR in time.
Also, there’s one important criteria that if your refund is less than 10% of your total tax liability, you won’t get any interest.
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Suppose ITR filing gets ready by Mid May and I file and Submit it around mid may. Will the interest calculation for refund begin as soon as I submit my ITR ? Suppose I have to revise my ITR due to some mistake, then will interest calculation for excess tax refund begin, from Revised date or original date of filing?
If you file your ITR before the due date, which is 31st July 2026, the interest calculation for refund begins from 1st April 2026, regardless of when exactly you file (mid-May or any other time before the deadline).
And if you revise your ITR, the interest calculation begins from the date you filed your original return.
Hope this helps!