Hey
I filed my return with the wrong bank account details. What should I do to change those.
Can i get tax refund for LTCG and STCG from stocks and mutual funds like i get for filing income return by filing Form 16 for the company i work for? please suggest how can i get tax refund. i know STCG tax would be as per my slab. So can i claim tax refund for them by submitting proofs like house loan, insurance?
Is there way to get tax refund for ltcg and stcg?
Hi @shashank_udupa, Any excess tax paid on LTCG/STCG will be given as refund. Refund cant be claimed otherwise.
I have submitted my ITR two months back, and I have to receive around 40000 in a refund. I want to know when it will be processed.
Hey,
Income Tax Department issues the refund only after processing your ITR. Generally, it takes 30-45 days from the date of the e-verification of your Income Tax Return to get your refund credited. Make sure that you have e-verified your ITR since the ITD does not process your return until it is verified.
You can track your Income tax refund status using this tool.
Learn more about types of Income-tax refund status.
Hi ,
I had received an ITR refund last year(and some interest on it) , do we have to include the refund amount(or the interest earned on it) of previous year in current ITR filing for FY21-22, asking this since there is a field "From IT refund " under Income earned from interest. Kindly let me know if this is the case or can I leave it blank. Please explain in a detailed manner if possible . Thanks
in advance
Hey @Sheirsh_Saxena
Interest on Income Tax Refund is a taxable income under the head Income From Other Sources (IFOS). You need not report the amount of tax refund. However, the interest amount must be reported under IFOS and is taxed at applicable slab rates. Further, the amount is reflected under AIS i.e. Annual Information Statement too. You should verify the amount and enter the same in your income tax return to avoid tax notice for mismatch.
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In the AIS(for assessment year 2022-23) the mentioned amount is 28540, how much of it is interest, where do I check it. The refund amount is mentioned for the assessment year 2021-22 , as “ECS (direct credit to bank account)”. SO what amount should I mentioned is it the complete 28540, or only interest component on it
Hey @Sheirsh_Saxena
The difference in the amount of refund claimed in the ITR and the refund issued by the ITD is the interest on income tax refund. Alternatively, the breakdown of refund and interest is also reflected in Form 26AS available on the income tax website.
But in my form 26AS , Part D - Details of Paid Refund is empty
Hey @Sheirsh_Saxena
Make sure you have downloaded the latest Form 26AS. However, if it sill does not reflect, you can calculate the difference in the amount of refund claimed in the ITR and the refund issued by the ITD as the interest on income tax refund. You can report it under IFOS. It will be taxable at slab rates.
I can see the tax liability is less than tax diposited for AY 2021-22.
Can I do something to get refund?
Hey, unfortunately for AY 2021-22, it is not possible to revise the return anymore in order to claim the refund.
It has been more than 60 days since I filed my ITR and also e-verified, but still haven’t got any refund or e-mail from the IT department. How many days it takes usually?
The Income Tax Department processes the refund only after processing your ITR. Generally, it takes 30–40 days from the e-verification of your ITR to get your refund credited.
You may refer to this article to check your income tax refund status
@Muskan_Balar @Sreetama_Chakraborty @Riya_Jain @Sakshi_Shah1
I have received refund, however my ITR status is still “under processing”. Any idea what does that mean?