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Tax Refund Status
Many people have already filed their income tax returns for F.Y. 2019-20, but the process of filing their returns is still not done for some taxpayers. This article tells you in detail how to check the status of your income tax refund online and what the terms mean.
What does Income Tax Refund stand for?
A tax refund is a difference between how much a person pays and how much tax they owe. In other words, it's the difference between how much tax was paid and how much tax was owed. The Income Tax office has to give back any extra tax money a taxpayer has paid. There could be a need for a tax refund if:
● Tax is paid in advance
● Auto-calculated tax
● Deduction of tax at source
After filling out an ITR and giving clear information about all sources of income, the total tax due or refund is shown. The Department of Revenue will notify you about a refund by sending a message to your registered cell phone number or email address.
What are the reasons you might not get your Income Tax Refund?
There is a chance that you didn't get your refund even though you asked for it. You could ask for a refund re-issue if your refund didn't go through for some reason. This could be for many reasons, such as:
● After the department has looked at your case, they might decide that you don't deserve a refund. If the notice sent to you under section 143(1) says that you won't get any money back, the department did not accept your request for a refund.
● Another possibility is that the department processed your refund, but the bank information you gave them was wrong.
● There's a chance that the IRS has already given you your refund, but the bank is taking longer than expected.
● Another reason might be that your refund for one year could be used to pay for something you asked for in a different year.
● One reason might be that you haven't sent your ITR or done an E-verification with Bangalore. Learn how to check your ITR online.
How do I know if the Tax Department has accepted my claim for a refund?
If the department agrees to give the money back, it will give the taxpayer a reference number.
How to Check the Status of My Tax Refund Online?
There are two easy ways to check online for a tax refund:
● Using the website TIN-NSDL
● Using the website for income tax filing
● With a login
● without a login
Checking a tax refund online with the TIN-NSDL website
Following these easy steps, you can check your income tax refund online in just a few minutes.
● Visit the website https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
● Give the necessary information, such as your PAN number and assessment year (for F.Y. 2019-20, AY is 2020-21).
● Enter the Captcha Code in the picture and click the Submit button.
● You can see how far along your tax refund is on the screen.
After 10 days have passed since the Income Tax Department sent your tax refund to the bank, you'll be able to find out what's happening with it. SBI is the banker for ITD.
I am using the Income Tax E-filing website to check on an income tax refund online.
Without a Login
Follow these easy steps to check the status of your income tax refund online.
● Visit https://www.incometaxindiaefiling.gov.in/home.
● Choose the ITR Status option at the bottom left.
● Type in your PAN, ITR Acknowledgement Number, and Captcha Code on the page shown.
● Press the Submit button.
● If the department has given you your money back, the status will say Return Processed. Refund decided on and sent to the banker (Status Type 1), or Return sent and checked (Status Type 2). (Status Type 2).
With a Login
Follow these easy steps to check the status of your income tax refund online.
● Visit https://www.incometaxindiaefiling.gov.in/home.
● Enter your User ID and Password to get into your account.
● Click View Returns/Forms on the dashboard and choose Income Tax Return from the drop-down menu.
● Now, click on the number that says acknowledged.
● On the next screen, you'll see everything that has to do with your ITR. At the bottom, you can also see how far along your income tax refund is.
You should know how to check the status of your tax refund online by now. But even after trying more than once, the same status is shown, and the refund hasn't been credited. It could be because the taxpayer has to pay interest.
An analysis of the clauses of Interest on Your Refund of Income Tax:
Section 244A of the Income Tax Act says that you can get 0.5% per month or part of a month in interest on your tax refund if it is 10% or more of the amount of tax you owe, as determined by Section 143. (1). But the amount of time it takes to get the interest will be different in these two situations, which are explained below:
ITR filed by the deadline of Section 139 or earlier (1)
● Once your tax payment contains TDS or advances tax, the period for your refund will start on April 1 and end when you get your refund.
● Self-assessment tax is the only tax: The time for getting a refund will begin when the ITR is filed or when the payment is made, whichever comes later, and end when the refund is given.
ITR submitted after the deadline
● From the date ITR is submitted to the date refund is given, interest will be charged.