The Income tax refunds are issued by the Income Tax Department when the tax paid exceeds the actual tax liability. This includes excess payment through TDS (Tax Deducted at Source), TCS (Tax Collected at Source), Advance Tax, or Self-Assessment Tax. The exact tax amount is determined after considering all deductions and exemptions during the assessment.
For a taxpayer to receive a refund, the tax return must be e-verified. Typically, the refund process takes 4-5 weeks, but delays can occur. Taxpayers should watch for any notifications from the Income Tax Department regarding discrepancies or refund status and can also check their refund status online with the following steps:
Read More: Will non-furnishing of income tax return lead to prosecution?
Step-By-Step Guide For Accessing Refund Status:
–Visit the e-Filing portal homepage.
–Log in using your user ID (PAN) and password.
–If your PAN is not linked to Aadhaar, a prompt will appear. Follow the instructions to link them.
–Navigate to the e-File tab, select Income Tax Returns, and then View Filed Returns.
–Choose the relevant Assessment Year and click on View Details to see the refund status and the filed ITR’s life cycle.
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Prerequisites for Online Refund Checking:
–A valid User ID and Password.
–PAN linked with the Aadhaar number.
–Filed ITR claiming a refund.
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Here Are Common Reasons For Refund Failure:
–Bank account not pre-validated, which is now a mandatory requirement.
–Discrepancy between the name on the bank account and the PAN card.
Invalid IFSC code provided.
–The bank account mentioned in the ITR is closed.
