ITR return status

Income Tax refund

If an income tax which was paid by a taxpayer is above the Income Tax payable amount, then the amount which was paid in excess is termed as an Income Tax refund. The excess sum which has been paid by the taxpayer is going to be refunded by the Income Tax Department only after the Income Tax Return process is completed.

ITR refund status

The Income Tax Department provides an online service towards assisting a taxpayer in order to track the status of their request relating to the income tax return. The online service assists an individual in order to track the Income Tax Refund as well as its status.

A taxpayer could check the status of their income tax refund after 10 days when the refund has been sent. A taxpayer would need their PAN along with the taxpayer is required to select the particular Assessment Year for which the individual had filed the IT return in order to check the status of the income tax return.

How to Check Income Tax Refund Status?

Income Tax Refund status could be checked either:

•    NSDL Website or

•    E-filing portal of Income Tax Department

Income Tax Refund NSDL Website

a)    A taxpayer must visit the NSDL website for tracking their income tax refund.

b)    Thereafter the taxpayer is required towards fill in particular details, which includes PAN and Assessment Year and after the filing of the details is complete, the taxpayer must click the ‘Proceed’ option.

c)    The income tax refund status of the taxpayer would be displayed on the screen.

Income Tax e-Filing Portal 

a)    A taxpayer must log onto the e-filing portal of Income Tax Department 

b)    Then the taxpayer is required to click  the “View Returns/Forms” 

c)    Then the taxpayer is required to select ‘Income Tax Returns’ and must click “Submit”.

d)    Thereafter the taxpayer would see a list of your previously submitted income tax returns.

e)    Then click the “Acknowledgement Number” corresponding towards the tax filing in which the taxpayer has claimed a refund.

f)    Then on the next page, the taxpayer could find return details along with income tax refund status

Interest on Income Tax Refund

A taxpayer is entitled towards receiving an interest in the amount of the refund, in case the amount is 10% or beyond the total tax that has been paid. However, the interest on an income tax refund is required to be paid at the rate of five per cent each month or part of the month on the amount of the IT refund. This interest is going to be calculated from 1st April of the applicable assessment year till the issuing date the IT refund. One must keep in mind that the interest on IT refund is considered as income of the tax assessee as well as taxable according to the applicable slab rate of the income tax.

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Author:

eStartIndia Team