Income Tax Refund: There are many discussions going on about Income Tax Refund. For example, when will it come, why it did not come, where did it go, etc. Cyber thugs have also become active to take advantage of the situation. We thought we should talk about the refund process.
Income Tax Refund: It has been only 19 days since the last date of filing income tax return but a lot is going on regarding the refund. On social media, many people are saying that their refund has not come and many are in a mood of ‘my refund has come long ago’. Meaning, it seems like a case of confusion and no solution. However, this should not happen because income tax return is not a new thing. This return is done every year and the refund also comes. But if it is not coming, then,
We thought we should talk about it. For example, why has the refund not come? When will it come? Has the refund been made or not? I mean, where has the problem got stuck? How will the status of the refund be known, etc. We will tell you everything, but first, know the basics of returns.
What is the form of ITR?
If you know this, half the confusion will be cleared. Actually there are three types of ITR forms. 1, 2 and 3. ITR 1 means the form that you and I fill. That is, people with salary. ITR 2 is for people living in India, people living outside India and Hindu Undivided Families (HUF). The income of the person filling this form should not be from any business or salary but from some other source. Such as income from house property or pension. People earning Rs 5000 or more from foreign assets to agricultural sources also come under this category. After this comes Form 3 which has to be filled by people doing business and (HUF). This form is the most complicated.
But since we are talking about making work easier, let’s come back to Form 1. Generally, the refund is processed within 15 days of filing the return. Form 2 takes 20-45 days. For Form 3, you can wait for 1 to 2 months. You know… you know, after reading this much you have to say, Bhaiya, our 15 days have passed long ago. Where has the refund gone?
On the income tax website
You will get the answer to your question here. You will have to visit the income tax website to know the status of the refund.
- Login with the help of your Aadhar and PAN card.
- Here you will get income tax returns under the e-file tab.
- Here click on view filed return and select assessment year.
- Here it will be shown issued, under processing, partially adjust, fully adjusted or failed.
- If anything other than Failed is visible then there is no problem. If there is something wrong then you will come to know about it. Meaning if the information given by you is not complete then it will be asked again. So keep an eye on your mail and SMS. Yes, if Failed is visible then your account is not verified. It means that there may be some difference in your name in the documents or the IFSC code of the bank is wrong. The bank account itself may be wrong. If anything is there then re-verify your bank account. You will get the refund.
Take special care of one thing. Stay away from fake emails and messages coming in the name of income tax return. Clicking on any link will not refund anything, on the contrary, a lot will be returned from your account.
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