Income tax refund: How to check your status online – Livemint

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  • Last Updated on 27 October, 2020

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Naveen Wadhwa, DGM at Taxmann said:
The extended deadline for filing income tax return or ITR was August 31. For many taxpayers, the next thing that comes to mind is income tax refund, if any is due. Income tax refund arises when more tax is deposited by a taxpayer, through TDS (tax deducted at source) or advance tax, than his/her actual tax liability. “This happens when aggregate of advance tax, self-assessment tax and TDS is more than what a taxpayer is actually required to pay to the government,” says Naveen Wadhwa, DGM at Taxmann. Income tax refund becomes due when the taxpayer files an income tax return and verifies it.
 
The income tax refund is paid when the tax return is processed and the claim of the taxpayer is accepted by the department. Usually, the refund is credited directly in the bank account of the taxpayer if complete details of the bank account are furnished in the ITR. “If IFSC of bank account number is not mentioned in the income tax return, a cheque is issued to the assessee,” says Wadhwa.

 
 
Read the full story here: Income tax refund, Taxmann

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