How to Check Income Tax Refund Status
- Blog|Income Tax|
- 3 Min Read
- By Taxmann
- Last Updated on 22 March, 2021
The Process of Income Tax Refund:
Refund arises when aggregate of Advance-tax, Self-assessment tax and TDS is more than what a taxpayer is actually required to pay to on taxable income. Refund becomes due only when the taxpayer files his Income-tax return (ITR) and verifies it through Aadhaar Based OTP, EVC or by sending the signed copy of Acknowledgement to CPC Bengaluru. Refund is paid when ITR is processed and claim of refund is accepted by the department. Refund is generally credited directly in your bank account if you furnish complete details of your bank account in the ITR.
I would also like to tell you that the taxation refunds are made in two distinct ways including:
To directly credit the refund money into the taxpayer’s bank account, the government requires the bank account number of the taxpayer as well as the IFSC code of the branch to which the account belongs to.
Through a paper cheque wherein the taxpayer’s existing banking account number and the correct communication address are required.
Refund claim displayed in your ITR:
Refund can be claimed only by filing ITR. If you fail to file ITR, your refund will not be credited to your account even though you have deposited more tax than you were actually required to pay to the government. Once you fill all required data in the ITR form, you have to validate the ‘Taxes paid verification’ sheet and the system will automatically calculate the amount of refund, if any, payable to you. This amount will be shown in the ‘Refund’ row. Your return will not be processed until you verify the ITR. Filing process is completed only at the verification of the return. Once the verification is complete, return is processed by the department. Processing determines the eligible refund due to the assessee. When the processing is completed, an intimation under section 143(1) is sent to taxpayer showing the amount of refund granted as per the calculations done by the department. Intimation can show one of the following:-
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied