How to Check Income Tax Refund Status Online:- Now that the Income Tax Return (ITR) has been filed, we must wait for the income tax refund. Is there a hold-up with tax refunds? How soon will you receive a refund if you are qualified? However, make sure that your ITR has been e-verified first.
In this article we will tell you about ITR Refund Status Check Online. If you don’t e-verify your ITR, the filing procedure will be deemed invalid and your ITR will no longer be valid. The deadline to file tax returns was July 31.
- 1 What Is An Income Tax Refund (ITR)?
- 2 Important Details About The Status Of The Income Tax Refund
- 3 How to check ITR refund status? (ITR Refund Status Check Online)
- 4 1) ITR refund status check online Through The e-Filing Portal
- 5 2) How to check itr refund status through the TIN NSDL Portal
- 6 Decoding Various Income Tax Refund (ITR) Statuses in India
- 7 Who Can Receive Income Tax Refund?
- 8 Basics Of ITR Filing
- 9 What Happens When You Don’t File Income Tax On time?
- 10 What Are The Advantages Of Filing Tax On Time?
- 11 Conclusion – How to Check Income Tax Refund (ITR) Status Online Check
- 12 FAQs – Check Your Income Tax Refund Status
What Is An Income Tax Refund (ITR)?
You may be eligible for an income tax refund if you paid more in taxes than you were required to.Taxes that have been paid in excess of what is actually owed may be refunded (whether through Advance Tax, TDS, TCS, or Self-Assessment Tax).
Before starting the refund, the income tax division will recalculate the taxes and verify the refund claim. Taxes paid (either through advance tax, TDS, TCS, or self-assessment tax) minus the total amount of taxes due on the income for the current year equals a refund.
Important Details About The Status Of The Income Tax Refund
1. Refunds are processed using one of two methods: direct credit or cheque.
2. ITRs must include the IFSC code and direct credit account number.
3. If the account information on the ITR is incorrect, the refund will be issued via cheque to the account listed on the ITR.
4. You can always check the status of your ITR’s income tax refund on the Income Tax Department’s website.
5. If your refund was not credited, you must resubmit your request on the IRS website.
6. The amount of the refund is shown on Form 26AS.
How to check ITR refund status? (ITR Refund Status Check Online)
You can monitor the progress of your tax refund using the ITR refund status. It’s crucial to be aware of the status of your ITR refund because it can influence your financial choices.
For instance, you can start budgeting for the future if you anticipate a delayed refund. To do this, you will need your PAN number and assessment year. Here are the ways through which you can check your ITR refund status:
1) ITR refund status check online Through The e-Filing Portal
- Visit the e-Filing portal of the Indian Income Tax Department and enter your user ID and password to see the status of your ITR refund.
- Once you have logged in, go to the e-File menu and select “View Filed Returns” under “Income Tax Returns.”
- There will be a list of all of your ITR returns. By assessment year (AY), you can use the filter option to locate the precise ITR return status you require. You can export your return data to Excel as well.
- To find out more about the status of your ITR return, click “View Details”.
2) How to check itr refund status through the TIN NSDL Portal
- Visit the website of the TIN NSDL portal to check the status of your ITR refund.
- Enter your PAN and the appropriate assessment year where prompted.
- Fill out the captcha, then click “Proceed” to view the status of your refund.
Decoding Various Income Tax Refund (ITR) Statuses in India
The number of income tax returns filed, 6.77 crore, is 16.1% higher than the total number of ITRs (5.83 crore) submitted for AY 2022–23 up to July 31, 2022, according to the Income Tax Department.
Around 64.33 lakh people submitted their income tax returns on the final day of the filing period and 5.63 crore of the total ITRs submitted were verified electronically.
You may encounter various tax refund statuses when checking the status of your ITR refund. These statuses provide details on the refund processing stage and any potential issues that might have arisen.
Understanding these statuses is crucial for efficient tax planning as well as for ensuring a quick and simple refund process.
Who Can Receive Income Tax Refund?
If you have paid your taxes in advance or had TDS deducted from your income, the Income Tax (I-T) Department wil give you a refund. According to Section 237 of the Income Tax Act of 1961, this excess tax is returned to you.
In order to determine whether you are eligible for a refund, the I-T department verifies your documents when you file. You get your money back if you paid your taxes early. If certain criteria are met, you may be eligible for a refund from the income tax department:
- If your actual tax liabilities for the fiscal year under review exceed 100% of the advance tax that you have paid.
- After regular tax evaluation, your TDS payments exceed your overall tax liability.
- You made a few investments to reduce your tax liability at the last minute that might have qualified as exemptions under Sections 80C, 80CCC, 80CCD, and 80D.
- Due to a few errors in your assessment, you unintentionally overpaid taxes.
- Double taxation avoidance agreement (DTAA) with India may prevent paying taxes in a foreign nation.
Basics Of ITR Filing
It is advisable to check the status of your Income Tax Return (ITR) refund a few days after you file your taxes. Following e-verification of your return, the refund cycle can take between 7 and 120 days to be credited to your account.
But the process can move more quickly; after e-verification, refunds can be issued in as little as two days. The general rule is that you can guarantee a refund within 12 months of the conclusion of the evaluation year for which you have filed your ITR.
CBDT does, however, allow for a tax refund for income taxes paid within six consecutive assessment years. The maximum case value for an evaluation is Rs. 50 lakh. Furthermore, you won’t receive interest payments on your tax refund.
If the refund tax amount is greater than or equal to 10% of the total tax paid under Section 244A, you will be given interest at a rate of 0.5% on the amounts. As soon as you file your ITR, make sure to e-verify it to make sure you receive your refund on schedule.
Keep in mind that depending on a number of factors, such as the complexity of your return and the volume of work being processed by the tax department, the precise time it takes for the refund to be credited may vary. Keep in mind that the information you provide like your bank account and contact information is accurate.
What Happens When You Don’t File Income Tax On time?
If you are also thinking “what happens if I don’t file the ITR by the due date” then you have come to the right place. Here are some effects of not filing ITR on time:
1. Penalties: One of the main consequences of filing your ITR late is that you will have to pay a penalty. If your ITR is not submitted by the deadline, a Rs 5,000 late fee will be assessed in accordance with Section 234F.
The late fees are only Rs. 1,000 if your yearly income is less than Rs. 5 lakh. However, if your gross income is less than the basic exemption limit, you won’t be subject to any penalties.
2. No losses are carried forward: You can use a loss on your investment to lower your income in the previous year that the year for your tax filing.
As a result, you’ll have a lower tax bill the following fiscal year. Losses must be included in your ITR by the deadline if you want to carry them over and use them as offsets.
You will not be able to carry these losses forward and use them as a deduction against future gains if your tax return is submitted after the deadline. Real estate losses are transferable to future periods.
3. Amounts of interest on taxes: If you don’t pay your taxes on time as required by Section 234A, you will be subject to interest charges of 1% per month on the unpaid tax balance. From the time you submit your tax return for the relevant financial year until the deadline, this interest is calculated.
What Are The Advantages Of Filing Tax On Time?
Here are the reasons why you should file your taxes on time:
Carry Forward And Set Off Some Losses: Delayed ITR filing not only results in fines and additional interest, but it also prevents you from claiming certain benefits, such as carry forward and set off of losses.
You may carry forward certain losses (such as long-term capital losses and short-term capital losses) in accordance with this provision and offset them against particular gains as necessary over the course of the following few assessment years.
You lose this benefit, however, if your ITR is not filed on time or is filed late. Only when you submit your ITR by the deadline are the losses eligible for carryover.
You Can Claim Tax Refund: You can apply for any tax refund you may be entitled to if you file your returns on time, which is an additional benefit. For instance, your employer might have made more TDS deductions than necessary based on your income, or you might have paid more advance tax than necessary.
You can ask the IT department for a refund of the overpaid excess tax at the time you file your ITR. After confirming the ITR you submitted, the income tax division issues a refund. If your income tax return hasn’t been submitted, however, this is not possible.
Loan Processing And Visa Applications Get Easier: You must obtain the appropriate visa if you want to take a vacation or work abroad.
You might have to provide your ITRs for verification depending on the nation you’re visiting. Of course, you could get into trouble if you haven’t paid your taxes and submitted your returns.
ITRs can also serve as proof of income when you apply for a loan or credit facility, in a similar manner. Your loan or credit facility application might be rejected if your bank requests to see your ITRs and you don’t have them because you haven’t paid your taxes.
Conclusion – How to Check Income Tax Refund (ITR) Status Online Check
In this article we discussed ITR Refund Status Check Online. The ITR must be submitted by the deadline if an individual is required to pay taxes. Those who have already filed their returns can check the status of their refunds online. The Income Tax Department’s website has instructions for how to do this.
Upon completion and e-verification of your ITR, your refund will be deposited into your bank account. The assessment year and your Permanent Account Number (PAN) are required to check the status of your income tax refund.
By July 31, 2023, the income tax division had completed processing 61% of the ITRs that were e-verified. First-time taxpayers submitted 53.67 lakh of all ITRs.
Also Read: Pradhanmantri Yashasvi Yojana Registration
FAQs – Check Your Income Tax Refund Status
Q. How can I check my ITR refund status?
Answer. Here are the steps to check my ITR refund status:
- Visit the e-Filing website and sign in using your credentials.
- Select the “Income Tax Return (ITR) Status” tab.
- Type in a working mobile number as well as your acknowledgement number.
- Select “Continue” and then enter the 6-digit OTP you will receive on your mobile device.
- To see the progress of your ITR refund, click “Submit.”
Q. How long will it take to receive the ITR refund?
Answer. ITR refunds are a way to guarantee that you get any additional tax that you have paid back. Through online income tax refunds, the government has simplified this process. Income tax refund processing typically takes 20 to 45 days after your IT returns have been filed and verified.
Q. Why is the processing of my ITR status still ongoing?
Answer. If you filed your tax return but did not receive your refund within a reasonable amount of time, check to see if you verified it online or offline. ITR filing is not processed until it has been e-verified.
Q. Why is my tax refund 2023 delayed?
Answer. If the Income Tax Department needs more proof of your identity from you, the tax refund could occasionally be delayed. The Income Tax Department notifies the taxpayers in these situations with information on the documents that must be submitted within a specific window of time.