Income Tax Refund: If you have not received a tax refund, check your ITR carefully and also keep checking emails for any notification from the Income Tax Department regarding the refund.
Income Tax Refund: The last date for filing Income Tax Return (ITR) (July 31, 2024) has passed and taxpayers are now waiting for a refund of the extra tax paid. According to the latest data from the Income Tax Department, more than 7.28 crore ITRs were filed till July 31, 2024, which is 7.5 per cent more than the 6.77 crore ITRs of last year (AY 2023-24). However, tax refund does not come in the accounts of all taxpayers. Only those who have paid tax above the prescribed limit are entitled to it.
Income Tax Refund: What is income tax refund?
When the tax amount paid is more than the actual due amount, the Income Tax Department hands over this extra amount back to the taxpayers, which is called income tax refund. The tax amount can be paid through TDS, TCS, advance tax or self-assessment tax. The Income Tax Department calculates the tax by taking into account all the deductions and exemptions at the time of assessment.
When will the tax refund be received?
The refund process starts only after the taxpayer e-verifies the return. Generally, it takes 4 to 5 weeks for the refund to be credited to the taxpayer’s account. This time period does not start from July 31 but from the day you verify your tax return. Generally, income tax refund is credited within 4 to 5 weeks of filing the ITR.
You can check the status
If the income tax refund is not received during this period, the taxpayer is advised to check the income tax return carefully and also keep checking the email for any notification from the Income Tax Department regarding the refund.
How to check the status of tax refund-
Step I: First of all, the taxpayer has to go to the homepage of the e-filing portal.
Step II: Now, you can enter the user ID and password. If the PAN is not linked to Aadhaar, individual taxpayers will see a pop-up message stating that the PAN has become inoperative due to non-linking with Aadhaar.
Step III: Now you have to go to e-File tab > Income Tax Returns > View Filed Returns.
Step IV: Here, you can check the refund status for the assessment year of your choice. Now, you can click on ‘View Details’ and here you can also check the life cycle of your filed Income Tax Return (ITR).
