ITR 2024: Guide To Filing And Tracking Your ITR And Refund For 2024

ITR 2024: The last date for income tax returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. To be eligible for any tax refund, you must file your taxes on time. You have several online tools that can help you file your ITR, including the Income Tax Department website.

It is important to go through the e-verification process after submitting the ITR form to authenticate your return. There are several methods of e-verification, such as using Aadhaar or net banking credentials. Next, the department will check your return after e-verification. This includes looking for discrepancies or unpaid taxes. Taxpayers will get a notification confirming the process and the refund amount (if any).

ITR 2024: Income Tax Refund Status: Step-by-Step Guide

Step 1: Visit the Income Tax e-filing website - incometax.gov.in/iec/foportal. You will need their PAN and Aadhaar details along with the registered mobile number to receive the OTP.

Step 2: Log in to the account by entering the PAN Card details, OTP and captcha.

Step 3: Click on the e-file option.

Step 4: Go to the Income Tax Returns tab and click on the View Filed Return option

Step 5: Check the status of the latest filed ITR from there

Step 6: Now, check the status of your Income Tax refund.

How to claim Income Tax refund?

To get your Income Taxrefund or TDS refund, you simply have to file your Income Tax Return and declare the details of your income, deductions and tax payments to the Income Tax Department. The refund amount received is calculated and shown in the tax return. 3 Simple easy steps:

1- Upload Form 16

2- Verify data

3- Finish e-filing

You have to finish e-filing to receive your income tax refund. Make sure to e-file this year to get your tax refund faster.

How to calculate income tax refund?

If you have paid more taxes than what you are required to pay, you can claim the excess amount as income tax refund.

Income tax refund = Taxes paid – Total tax liability

If the taxes paid (either through advance tax or TDS or TCS or self-assessment tax) are more than the actual tax amount, the excess tax paid can be claimed as refund. The income tax department will re-calculate the taxes and validate the refund claim before initiating the refund.

ITR forms come in seven different varieties for different tax filers. Therefore, while filing income tax return for assessment year 2024, one must choose the relevant form.