ITR filing: The deadline to file the Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) is just three weeks away. It is important for individuals who have paid excess tax for the financial year to remember that they are eligible to receive an Income Tax refund upon submitting the ITR form.
It is noteworthy that while some taxpayers have already completed the filing process, others are strongly advised to meet the deadline. After the submission of the ITR form, the Income Tax Department will conduct the necessary processing, following which an intimation notice will be sent to the taxpayers as confirmation.
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The Income Tax refund, owed to eligible individuals, will be directly transferred to their designated bank accounts. The bank account details provided during the ITR filing will dictate the account into which the refund will be deposited.
Refund processing by the tax department starts only after the return is e-verified by the taxpayer. Usually, it takes 4-5 weeks for the refund to be credited to the account of the taxpayer. However, if refund is not received during this duration, the taxpayer must check for intimation regarding discrepancies in ITR; check email for any notification from the IT department regarding the refund.
How to see your ITR status
You can easily check the status of your Income Tax refund on both the new Income Tax portal and the NSDL website. The intimation notice is issued under section 143 (1) of the Income-tax Act, 1961.
The refund for income tax is usually processed by the State Bank of India (SBI) and is directly deposited into the bank account specified by the taxpayer in their Income Tax Return (ITR) during filing. Thus, it is essential to verify that the accurate bank account number and IFS code have been furnished to ensure the refund is deposited correctly.
It is crucial to ensure that taxpayer’s bank account is pre-validated on the government’s income tax e-filing portal. The validation process helps streamline the income tax filing procedure and ensures smooth transactions. Furthermore, it is essential to link your Permanent Account Number (PAN) with your bank account for seamless financial transactions and compliance with regulatory requirements.
Pre-requisites for availing this service
> Valid User ID and Password
> PAN is linked with Aadhaar number
> ITR filed claiming refund
ITR refund status on e-filing tax portal
1: Go to the official website at incometax.gov.in and accessing your account using either your PAN or Aadhaar Card number as the User ID, along with your password.
2: Upon successful login, locate the ‘e-file’ option on the homepage of the website.
3: Within the ‘e-file’ section, navigate to ‘Income Tax returns’ and proceed to select ‘View Filed Returns’.
4: Review the most recent Income Tax Return (ITR) filed on your behalf. The ITR filed for the Financial Year 2023-24 will correspond to the Assessment Year 2024-25.
5: Click on the ‘View Details’ option to access and review the status of the filed ITR, as well as any relevant accompanying details.
NSDL website
To track the Income Tax refund status on the NSDL website, taxpayers can follow these steps:
1: Open the official website at tin.tin.nsdl.com/oltas/refundstatuslogin.html
2: Log in using your PAN details.
3: Select the appropriate assessment year you want to inquire about the refund status for.
4: Upon selecting the assessment year, input the captcha code as requested and click on the submit button. Subsequently, a message will appear on your screen indicating the status of your Income Tax Return (ITR) refund.
Please note that taxpayers can only view the refund status a minimum of 10 days after the Assessing Officer has sent it to the refund banker.
When will your refund fail
1. If your PAN is inoperative, your refund will get failed and you will see a warning message to link your PAN with the Aadhaar.
2. In case the bank account is not pre-validated. It is now compulsory to pre-validate your bank account.
3. The name mentioned in the bank account does not match with PAN card details.
4. In case of an invalid IFSC code.
5. If the account that you have mentioned in the ITR has been closed.