If you paid surplus tax in the preceding financial year to the government, then by filing the Income Tax Returns (ITR) you can claim refunds. Surplus tax is generally paid when in a financial year; you pay advance tax, Tax Deduction at Source (TDS) or self-assessment higher than your tax liability.
After processing your ITR, if the department of income tax guide determines that a refund is to be paid to you, then a message is sent to you via email or SMS. The message includes information about the refunded amount which will be credited to your account, alongside the sequence number of the refund. You will receive intimation under the section 143(1) of Income Tax Act.
The State Bank of India processes the refund and sends it to the respective taxpayers account either by crediting it directly, or via issuing a demand draft or cheque, and sending it to the registered address of taxpayer’s. It is important to note, that while filing the income tax return form, you must fill all the details of your bank account correctly as you will receive the amount in the same account.
You can keep of track of your income tax refund status in two ways i.e. by visiting the website of income tax e-filing, and on the Tax Information Network NSDL website.
Let’s take a look at the process to check your income tax refund status.
In order to check the income tax refund status, you will need to follow the below-mentioned steps:-
On the other hand, you can also check your income tax refund status on the website of TIN NSDL. Once the IT department processes the refund to the bank, it is available on the website for 10 days. The process to check the income tax refund status is very simple and hassle-free, all you are required to do is to follow these simple steps to do so:-
Depending on the refund status, the message displayed on the screen can be as follows -
Expired refund status means that the cheque refund that you received, was not submitted to the bank in the given time period. In order to receive the payment successfully, it is very crucial to submit the cheque within 90 days to the bank. In case of expiry of the refund status, you will be required to submit the request for ‘refund re-issue’ on the e-filing website.
In case you provide the wrong account number or IFSC code at the time of filing your return, the process of income tax refund through NEFT/NECS fails.
The Previous Years’ Outstanding Demands are yet to be adjusted: this means that under section 245 of Income Tax Act, the department of income tax has the full right to adjust the refund of the current year against the outstanding tax amount of the preceding year of assessment both in part or full. However, such actions can only be taken if the income tax department provides a warning in written to the taxpayer as regard to the action decided to be taken.
If, you want to submit the request for refund re-issue in line for to any of the above mentioned faults, you can sort out by following these simple steps:
Filing income tax return is important for every individual, irrespective of whether your salary comes within the tax filing bracket or not. In case you have paid excess tax to the government, then you always have room to claim the refunds just by following these aforementioned steps.