ITR Filing: If you have filed income tax return by 31st July, then it will not take much time for the refund money to come in your bank account. If you want, you can check the status of the refund on the e-filing website of the Income Tax Department.
The last date for filing Income Tax Return (ITR) is very close. If you do not file the return by 31st July, you will be deprived of many benefits. Also, you will have to pay penalty and interest on tax for filing the return. It is very important to file the return by 31st July especially for those people who are expecting to get a refund from the Income Tax Department. Sometimes, if more tax is paid, the Income Tax returns the extra tax amount. This is called a refund. Tax experts say that the refund will be available only when the taxpayer files the return by 31st July.
If you have filed the return within the stipulated time, then the refund money will come to your bank account soon. Nowadays, the Income Tax Department processes the refund very quickly. The status of the refund can be checked on the official website of the Income Tax Department. For this, you have to log in to the website through your PAN and password.
After logging in to the e-filing portal, you have to go to the ‘e-file tab’. After clicking on it, you will see ‘View Field Return’. Here you will see the details of the return filed by you. You have to click on ‘View Detail’ for history and current status. If you have been refunded by the Income Tax Department, then you will see its details. You will see the mode of payment, refund amount and date of clearance.
If you see ‘Processed and partially refund adjusted’, it means that some part of your refund can be adjusted with the outstanding tax. In such cases, the refund amount and clearance date are given. This means that a part of your total refund amount can be adjusted with your tax liability.
In some cases, the refund claim may be rejected. This will result in the refund amount not being credited to your bank account. If this happens, you will see the date and reason for rejection. As per the Income Tax rules, if your bank account is not pre-validated, your refund will not be processed.
