The Income Tax Department (ITD) routinely refunds any excess tax it might have taken from any taxpayer during a financial year. If you have submitted your Income Tax Return (ITR) before July 31, 2024 you should have got refunds by now.
Check designated bank account
The amount to be refunded is sent directly to a savings bank account of which the taxpayer has already informed the ITD through the ITR. Therefore, before rushing to write to the ITD, the taxpayer must verify the details of the bank account furnished to the IT Department.
Check ITR status
After entering the e-filing portal, check the ITR has been processed or is still pending. In case the status shows “Processed with No Demand No Refund”, it is telling you that the ITD does not owe you any refund. Also check the bank account details that you have submitted to the department. If you have submitted an incorrect bank number or if you have accidentally closed the account, please inform the ITD immediately.
Check ITR for mistakes
There could also be errors or discrepancies in the ITR you have filed. Some of the common mistakes include erroneous bank details, mismatches in TDS/TCS and/or advance tax information etc. However, these can be rectified through a revised return, which has been mentioned in Section 139(5) of the Income Tax Act, 1961.
Did you verify the ITR
It is not enough to file an ITR. It should be verified too by the ITR filer. If you haven’t done it yet, the IT department will not process the ITR and would not refund even if any amount is due. The process of verification of ITR can be done online via Aadhaar OTP or net banking, or even by dispatching a physical copy duly signed by the taxpayer to CPC which is based in Bangalore.
Post a grievance
If the refund is still awaited despite no problems in the above steps, one can easily flag the issue by raising a grievance e-filing portal. One has to simply click on the ‘e-Nivaran’ section of the portal. Then choose ‘Submit Grievance’ and further select ‘Refund related.’ In this section, one can type in all details and post a grievance.
Every year the Income Tax Department refunds a significant amount of money to deserving taxpayers. If you haven’t got yours yet, please read on. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
