For the processing of an Income Tax Return refund, it is crucial that the return undergoes e-verification.
ITR filing 2024: The initial due date for filing Income Tax Returns was on July 31, 2024. Individuals who have successfully filed their ITRs by the deadline can anticipate the refund to be deposited into their bank accounts shortly.
It is important to observe that the Income Tax Department has outlined that the processing of ITR refunds commences only after the taxpayer electronically verifies the return. Typically, it requires approximately 4-5 weeks for the refund amount to reflect in the taxpayer's account.
If the ITR processing encounters any issues, the tax refund will not be credited to the taxpayer's account.
Tax experts recommend that the timeframe for processing an ITR varies typically between 15 to 45 days from the e-verification date. If the offline verification method utilizing the ITR-V form is employed, the processing duration is further extended.
“If refund is not received during this duration, the taxpayer must check for intimation regarding discrepancies in ITR; check email for any notification from the IT department regarding the refund. The taxpayer can also check refund status on the e-filing as per the process detailed hereunder,” the I-T Department suggests.
For the processing of an Income Tax Return refund, it is crucial that the return undergoes e-verification. Following the e-verification of the ITR, the reimbursement is typically transferred to the taxpayer's designated account within approximately four to five weeks. Eligible individuals entitled to an Income Tax refund will have the refund amount electronically transferred to the bank account specified during the Income Tax Return (ITR) filing process. The accuracy of the details provided in the ITR will dictate the account to which the refund is credited.
Crucial points to note to get refund
1. For the processing of an Income Tax Return refund, it is imperative that the return is e-verified.
2. The processing time of an Income Tax Return (ITR) can vary depending on various factors. These factors include the type of form chosen, the complexity of the ITR, the deductions/exemptions claimed, and whether these claims are supported by the information provided in Form 16.
3. The refund process may experience delays due to the necessity of additional information requested by the Income Tax Department. As part of its commitment to accuracy and adherence to regulations, the Income Tax Department may select specific tax returns for further review through a scrutiny process.
4. When submitting your tax documents, it is imperative to verify the accuracy of the provided bank account number. Validating your bank account is a critical procedure in ensuring the accurate crediting of refunds. Refunds are exclusively disbursed to bank accounts that have undergone proper validation. To pre-validate your bank account, kindly adhere to the guidelines specified on the income tax e-filing portal.
5. Form 26AS is an important document that serves to consolidate all the taxes associated with your PAN number, including payments made and deductions at source. It provides a comprehensive overview of your tax-related information. It is crucial to ensure that the details of Tax Deducted at Source (TDS) in your income tax return match the information shown in Form 26AS.
Any discrepancies between the two could lead to delays in processing your tax refund. It is advisable to regularly review and reconcile the information in Form 26AS with your income tax return to avoid any issues.
How to refund status using PAN details
To inquire about your income tax refund status online, you can visit the official Income Tax department website using your Permanent Account Number (PAN) card. Typically, the status updates are visible within a span of around 10 days. A further confirmation can be obtained by cross-referencing the details in your Form 26AS in case the status reflects as "Paid."
To verify the status of your income tax refund online with just your PAN card, you have two options to choose from. The initial method involves checking the refund status through the income tax e-filing portal. The alternative approach is to verify the refund status via the NSDL TIN website.
To check the refund status from the income tax e-filing portal, follow these steps:
> Navigate to the official online portal designated for income tax filing.
> Sign in to your account by providing your credentials such as password, PAN, and captcha code.
> Once logged in, locate and access the 'My Account' section.
> Within the 'My Account' section, click on the "Refund/Demand Status" button to view the status of your income tax refund.
How to check refund status through the NSDL Tax Information Network (TIN) website:
> Visit the official NSDL TIN website.
> On the website, locate the section for checking refund status and enter the required information, such as the assessment year and your PAN (Permanent Account Number).
> Once you have entered the necessary details, proceed by clicking on the designated button, usually labeled "Proceed" or a similar term.
Remember to ensure that you are entering accurate information to access the latest update on your refund status.
Lodge a complaint
If an Income Tax Return (ITR) is not processed after a considerable wait, taxpayers have the option to lodge a complaint through the "Grievance" tab on the income tax portal. Alternatively, they can contact the Central Processing Center (CPC) by using the helpline numbers provided.
