Individuals earning above a certain amount are financially and legally mandated to pay a certain part of their earnings to the government. The income tax rates and the income slabs are regulated by the government. The individuals are required to submit ITR by the due date to report income and apply for a return if possible. Also explore how to check your income tax refund status online.
What is an Income Tax Refund?
The tax that you pay is calculated based on the income slab category you fall in. If there is a difference between the amount paid and the actual payable amount, a refund of the difference is sent to the taxpayer after a proper assessment. To report your income apply for a return if applicable you are mandated to submit the ITR by the required due date.
How to File an Income Tax Refund Online?
You are eligible for an income tax return when your tax amount paid is more than the tax amount due. To receive a refund you need to file for an Income Tax Refund. However, the due amount will only be received by you, after the tax department processes your ITR and confirms it through an intimation notice. The State Bank of India processes your income tax refund, which is then credited to your bank account. It is to be ensured that the taxpayer mentions the accurate bank details at the time of filing his/her income tax and his her PAN must be linked with the given bank account. To qualify for tax refunds you must file your ITR, attached with adequate proof such as house-rent allowance, life insurance premiums, health insurance, mutual fund investments, home loans, and more. If your balance of advance tax payment under Form 26AS is more than your tax liability under the filed ITR, the officer may approve your tax refund. If not, you can also file Form 30 and request a review of your income tax payments in accordance with your liability. You can receive your income tax refunds faster if you provide your bank account details for direct transfer.
How to Check your Income Tax Refund Status Online?
There are two sites you can use to check the status of your tax refund online.
TIN NSDL website
- Visit the NSDL (National Securities Depository Limited) website.
- Fill in your required details. – PAN number and the Assessment year.
- Click proceed.
- The next age will display your income tax refund pending status.
Income tax e-filing portal
- Visit the income tax portal and log in to your account.
- Click on ‘e-file’, choose “Income Tax Returns” and then select ‘View Filed Returns’
- Here you can see the status of your current and past income tax returns
- Then click on ‘View Details’ and you’ll see the status of your income tax refund.
What are The Different Types of ITR Status and What Do They Mean?
After the successful filing of your income tax return, and sufficient assessment of the same, you will be able to see the status of your Income tax return. Here are some of the statuses that you can see when checking for a return, and what they mean.
WHAT DOES IT MEAN
- No Refund Found.
This appears when the credentials are undetermined. In this case, you need to check the credentials entered once again.
- Refund not determined.
The income tax department is not able to process your refund request because the amount is not determined.
- ITR filed is defective or incomplete
The status will be shown defective if it isn’t according to the provisions of the law. In this case, you will receive a notice of defective return under section 139(9), asking you to correct the defect within 15 days of the receiving notice.
- ITR Transferred to Jurisdictional Assessing Officer.
This is shown when the Centralised Processing Center has transferred your income tax return to your AO. In this case, you will soon be contacted by your AO, for pending details.
- Pending for e-verification
Pending for verification means that the complaint for ITR has been filed but is awaiting e-verification or the duly signed ITR- verification has not been filed.
- Refund failure
Refund failure is shown when the refund process has been unsuccessful. This can be caused due to various reasons, typically
Conclusion.
Checking your IT refund status is an important part of the tax filing process. Timely checking your ITR status helps you make sure that you receive any refunds that are due to you in time and efficiently. To avoid any delays or issues, ensure to keep track of the refund status, verify your bank details, and file your income tax refund on time.
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Frequently Asked Questions
When are you entitled to an ITR refund?
When the amount of income tax paid by you is more than the amount of income tax payable in accordance with the government’s regulations of income tax slab and its rates, respectively, the difference between the two sums is refundable to the taxpayer.
What is the due date to claim your income tax refund?
You can claim your income tax refund within 12 months after the end of your relevant assessment year. In case you missed to file your Income tax return, you can still do it after the due date. This will be considered a belated return and will be chargeable for a late filing fee.
How long does it take for my refund to get credited?
Income tax refund typically takes 20 to 45 days after being processed. If your income tax refund is delayed by any chance, you need to contact the central processing center, this will help you get a clear reason as to why your refund is delayed.
Why is my ITR refund delayed?
Your Income Tax Refund might be delayed due to various reasons such as rejection of request or when the credentials, like bank account details filled by the complainant, are incorrect. In case of a delayed refund, you can contact the Income tax department through their toll-free number 1800-180-1961 or send an email to refunds@incometax.gov.in.
What happens if my Income Tax Refund is more than Rs. 50,000?
In case your income tax refund exceeds the amount of Rs. 50,000, it may be subjected to an additional scrutiny assessment as defined under section 143(3) by the income tax department which involves a detailed examination of the income tax return. The authorities check the authenticity and accuracy of your claim. This is done to ensure the credibility of the claim and avoid any fraudulent activities or involvement of fabrication.
