Income Tax Refund – Income tax is a source of revenue for the government to meet its various obligations, conduct public services, and provide goods to its citizens. However, there are certain investments, as decided by the government, which are exempt from income tax. An income tax is a type of fee that the government is authorized to levy on the annual income of businesses and individuals. Taxpayers are bound by law to file annual tax returns to ascertain their tax obligations. The tax liability is usually proportionate to the income of an individual, i.e. the higher the income, the more income tax is payable, and vice versa.
Income Tax Refund Check Online
Once you have filed your claim, you need to check the income tax return status the same. This is the only way to know the progress of your refund transfer. Now, there are 2 ways to proceed with this process. You can check the return status through both the NSDL portal and the Income Tax e-filing website. However, it can be a bit tricky if you do not know how to check the status of your income tax refund. To help you through this, we have provided a detailed description of the process and also a guide on various refund status meanings. check them out!
Some Cases of Income Tax Refunds
- In fact, your taxable income for the financial year is zero. However, the bank has deducted TDS on your fixed deposit.
- Pending income tax adjustments of the previous financial year are receivable as an income tax refund in the current financial year.
- You have filed your income tax return after self-assessment, but after computing the allowed deduction, your tax liability is less, which makes you eligible for an income tax refund.
- If there is a delay in claiming the 80C deduction, investments, or expenses eligible for the tax deduction, after your employer has already deducted income tax (TDS), you can request an income tax refund.
- If your annual income is taxable in any other country and you have also paid income tax in India, you can claim an income tax refund.
- You pay advance tax on your actual tax liability.
- You have to file an income tax return online.
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Types of Income Tax Return Status
- Paid Refund: This means that your income tax refund has been credited to your bank account or sent to you through cheque.
- Non-Assessed: This means that your ITR has not been assessed. You can check the status of the same after a few days.
- Refund Expired: The check issued by the IT department is valid for 90 days. If it expires, you will have to reissue it under your own name.
- Refund Failed: This means that the income tax refund cannot be credited to your account due to improper bank information.
- Refund Returned: This means, the refund check sent to you was returned to the IT department. Also, if this happens your refund request will be canceled and you may have to claim again.
- Check Encased: This means that the check sent to you by the IT department was received by you and the same has also been encased.
- Refund Adjusted Against Outstanding Demand of Previous Year: If there is any tax pending in your name for the preceding financial year, your refund amount will be used to set off the same. However, before the IT department does this, they will inform you about it in advance.
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Steps to Check Income Tax Return Status Online
The process of claiming an income tax refund is more or less the same as filing the income tax return, however, you need to ensure that you have e-verified your ITR within 120 days of submitting your income tax return. Otherwise, ITR and refund will not be processed. Many people are very ignorant about their income tax refund. Even people are unaware that they can check their income tax refund status online. Checking your Income Tax Refund online is very easy as all you need is your Permanent Account Number and Assessment Year on the site to access the current status of your Tax Refund.
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Through the NSDL Website:
- For a refund, and tracking visit the TIN NSDL website.
- Scroll down to enter your PAN and select Assessment Year.
- Enter the captcha code and click on “Proceed”.
- Thereafter, you will be redirected to a page that will display a message based on the status of your Income Tax Refund on NSDL.
Through the Incometax e-filing Website:
- Visit the official Income Tax e-Filing website.
- On the top right corner, click “Login Here” to sign in to your account.
- On the next page, enter your User ID, Password, and the security code provided.
- Click “Login”.
- Next, select “View Return/Form”.
- Enter your PAN, “Select an option” and select “Income tax return” from the drop-down menu next to the correct assessment year.
- Right now, you will be checking Income Tax Return Status for 2021-22.
- Hit submit here.
- You will be redirected to a new webpage displaying all the details of your ITR filing.
- These include form type, filing type, acknowledgment number, and the dates of each activity from filing ITR till completion of ITR processing.
- You will also be able to check the refund status, payment mode, and reason for refund failure, if any, on the Income Tax Portal.