An income tax refund is an amount that you can get if you have paid a higher amount of tax against your liability to the government in any financial year. It is paid to you by the income tax department. One can easily put in a claim to get the income tax refund. There are more chances of you to get the income tax refund if you have made an advance payment upon self-assessment. You can also get the income tax refund if your tax liability is lesser than your tax deducted at source (TDS).
To learn about the refund status, it is mandatory to link your PAN card to the bank account. There are different ways to check the refund status of the income tax paid. Read on to know more…
The e-filing website of the income tax department (www.incometaxindiaefiling.gov.in) helps you to check the refund status. All you need to do is to create a user ID on the portal. Some vital information like the PAN number will be needed while creating the user ID. You must enter a password as well as the captcha code while the ID is generated.
Once the ID is created, you will be needed to click on ‘View Returns/Forms’. Next, a menu will drop down from where you need to choose ‘Income Tax Returns’ (ITR). From here, you will get various choices of the assessment years for the IT refund status. Then, an acknowledgement number will be present in the form of a hyperlink which you need to click upon. Finally, you can find all the information related to filing and verification of your ITR from a pop-up window. The window will also offer the status of the refund and the payment mode. If there is a failure regarding the refund, you can also check it from the pop-up window itself.
TIN NSDL Website
The website of TIN NSDL (https://tin.tin.nsdl.com/oltas/refundstautuslogin.html) can be another place where you will be able to check the refund status of the income tax paid. This status is generally available after the State Bank of India sends the refund. To check the refund status, the TIN NSDL needs all your PAN card details. After you have entered all the PAN details, you can feed the assessment year along with the captcha code. Finally, you can click on ‘Submit’. All vital messages related to the refund status of income tax will be displayed on the screen.
Criteria for getting Income Tax Refund
You can expect and get an income tax refund under the following circumstances:
● In case of advance tax payment
● TDS more than tax liability
● Avoiding double taxation in the case of income that is taxed in a foreign land
● Any errors in the assessment process that lead to increased taxes
● All investments that provide tax benefits that one has not yet claimed
Status Message – Meaning and Importance
While you check the refund status, you must know about different status messages that indicate the progress of refund process. And, some of the status messages include:
In most cases, the “Refund Returned” status is available in two situations. If the income tax refund is delivered to a person via the ECS (Electronic Clearing Service), the amount will not be credited due to the wrong entries of the account details. Moreover, if you have entered the residential address wrong or the demand draft returns due to your absence in the house, you can see the “Refund Returned” message.
Processed through Direct Credit but Failed
There are several reasons for which one might see this message while checking the refund status. Generally, the problems are related to different issues in the bank account like:
● Incorrect details of the account
● A closed bank account where SBI sends the IT refund
● The NRI bank account to which the refund is sent
● The refund is sent to an account for a deceased account holder
● The account is restricted or On Hold
The refund status message is shown “Expired” while checking the refund status when a person fails to deposit the cheque sent by SBI in the bank within 90 days.