New Delhi: After filing your Income Tax Return (ITR), you might be waiting for an income tax refund if you are eligible for one. However, it's important to first check whether you have e-verified your ITR. If you haven't e-verified it, the filing process is considered incomplete, and your ITR becomes invalid.

Recently, there have been phishing scams circulating on social media, where fake messages about income tax refunds are being sent. The government's fact-checker, PIB FactCheck, has warned people about these fake messages. It's essential to stay cautious and not fall for such scams.

Once your ITR is processed and verified, you will receive your refund. However, refunds don't come instantly. The income tax department verifies the details of taxes you have already paid before issuing the refund. According to the income tax department, about 61% of e-verified returns have already been processed. Refunds are usually credited between 10 days to 2 weeks after processing.

In the past, it used to take 20-45 days for the refund to reach you after filing and verifying your ITR. But this year, for FY 2022-23, the tax department has expedited the processing of ITRs using advanced technology. As a result, the average processing time has been significantly reduced to only 16 days.

To check your income tax refund status online, follow these steps:

Go to the income tax India website.
Log in using your USER ID (PAN number), password, and captcha code.
Navigate to 'View Returns / Forms.'
Click on 'Select An Option' and then choose 'Income Tax Returns' from the drop-down menu.
Fill in the assessment year and then submit.
Click on the relevant ITR acknowledgment number to check your refund status.
Regarding the taxability of the amount received as a refund, the net amount of excess tax paid is not taxable. According to the income tax act, you are entitled to receive interest on the excess of advance tax and TDS/TCS over the net tax liability.

Remember that the timing of your filing and the accuracy of your data play a significant role in the speed of ITR processing and receiving your refund.

Spotify to introduce new product for Software Teams to inspect results

AI Chip maker Startup Tenstorrent boosts Capital by Samsung and Hyundai

Capella satellites to rip off Earth’s atmosphere earlier than expected this year