New Delhi: The Income Tax department, which reported that over 7 crore ITRs were filed before the July 31, 2024, ITR deadline, will now be in the process of processing ITR refunds.
The I-T department has sped up the process of refunds from months to 3-4 weeks. In case of delays, the I-T department offers up to 0.5 per cent interest on the refund amount.
How to check ITR refund status
A tax refund is processed when the taxpayer has paid a higher deduction than their actual tax outgo. To check your ITR refund status, follow these steps:
Visit ITR filing official website at: https://www.incometax.gov.in
Use your credentials to log into the portal
Once you are logged into your account, check ‘My account’ section and select ‘refund/ demand status’ option from a dropdown menu.
On clicking on the option you will be redirected to a new page which displays the ITR refund status.
Your ITR refund status contains the following details:
Assessment year
Payment mode
Reference number
Refund status
The refund status is classified into:
Refund issued
Refund not determined
Refund failed
How to check ITR refund status on NSDL
ITR refund status can also be checked on the NSDL portal at: https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
Use your PAN and enter assessment year and captcha code
On clicking proceed, your refund status will be displayed on the screen
Tips to ensure smooth ITR refund processing
How to ensure smooth ITR refund
To ensure that your refund is processed in a timely manner, try the following steps:
Ensure the accuracy of information furnished in ITR filing process
Verify your savings bank account complete with address, account number and ISFC code
Don’t forget to e-verify your ITR. Without this step, your refund will not be processed. E-verification is compulsory within 30 days of ITR filing.
Keep an eye on your email account for any potential notices from the I-T department to ensure that your refund is processed in a timely manner.
If the notices point out to any discrepancies or mistakes, rectify the same at the earliest to ensure that your refund is processed in a timely fashion.
Keep an eye on email and SMS communications to know the status of your ITR refund, which will be credited into your registered and verified tax account by the I-T department.
What to do if ITR refund is delayed?
Reach out to the I-T department at:
Toll-free number: 1800-103-4455
Email: ask@incometax.gov.in
You can also physically visit the local Income Tax office in your area
You can file your grievance on the e-filing portal. Toggle to the e-Nirvaan section for solutions.
ITR Refund Status: Income Taxpayers who have filed their ITR in a timely manner before July 31, 2024, will be awaiting their tax refund. here’s how to check status. Know what to do if your tax refund is delayed. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
