Consider a situation where you have paid your income tax and later while filing its return realize that the amount you paid was more than what is due. Will you get a refund? Read the blog to know!
Income Tax Refund Calculation
How to Check ITR Refund Status Online?
1. Using Income Tax Portal
Step 1: Log in to eFiling Portal
Go to the Income Tax Portal and enter the login credentials to log in to your account.
Step 2: Click on ‘e-File’
Click on the ‘e-File’, then go to ‘Income Tax Returns’ followed by selecting ‘View Filed Returns’.
Step 3: Check status of your Income Tax Returns
Now, the status of your previously filed income tax returns gets visible on your screen.
Step 4: Click on ‘View Details’
Click on ‘View details’ and you will see the status of your income tax refund.
2. Using NSDL Portal
Step 1: Visit NSDL Portal
Visit NSDL Portal to initiate ITR Refund status checking procedure.
Step 2: Provide PAN information
Enter your PAN details, choose the appropriate Assessment Year from the drop-down menu for which you want tax refund status then enter the Captcha Code.
Step 3: Move further with Taxpayer Refund (PAN)
Click on ‘Proceed’ under the ‘Taxpayer Refund (PAN)’ category displaced. Moreover, you will be directed to a page that will display the ‘Refund Status’.
2. Using TRACES
Step 1: Login to ITR Portal
Visit the official Income tax Portal and log in with required credentials.
Step 2: Click on ‘View Form 26AS’
Click on ‘e-File’ then select ‘Income Tax Returns’ and click on the ‘View Form 26AS’
Step 3: Click on ‘View Tax Credit’
In this step, you will be taken to the TDS Reconciliation Analysis and Correction Enabling System (TRACES) page and then Click on ‘View Tax Credit (Form 26AS/Annual Tax Statement) at the bottom of the page.
Step 4: Select ‘Assessment Year’
Choose the Assessment Year from the given drop-down menu for the same, then select view as ‘text’.
You are redirected to a page that shows the details of the refund paid.
What are the ITR Statuses I can Receive?
Can Income Tax Refund Get Delayed?
- High Workload at Income Tax Office: Refunds may get delayed if the Income Tax Office is overburdened with work. This especially happens during the peak tax season or around compliance due dates.
- Incorrect Tax Returns: If the Income Tax Returns contain incorrect information, incomplete documents, or mismatched data, the processing of ITR and refund both gets delayed.
- Long Verification Process: The Department may take some time to process and verify the filed ITR. Unless successfully verified by the authorities, no refund will be initiated.
- Technical Issues: Sometimes, technical issues at the bank may delay the refund process. In that case, contact the banker immediately for clarification.
- Changes in Laws: Changes in tax refund laws may delay the refund process as the Department takes its time to adjust to the new laws.
Interest on Income Tax Refund
ITR Refund Process Failed
Reasons for ITR Refund Failure
- ITR refund process fails if:The bank account number, IFSC code, or other details of the taxpayer are inaccurate
- The taxpayer’s PAN details get mismatched
- Taxpayer’s identity gets forged
- Technical issues at Bank or Income Tax Website
ITR Refund facility is a relief for taxpayers who have paid excess tax to the Income Tax Department. The process is convenient as there is no need to apply separately. As soon as the ITR is filed and processed, the refund is issued to the taxpayer’s bank account. There might be payment failures due to several reasons. If you are facing any issue while undergoing the ITR refund process, consult our experts on how to proceed next throughout the Income tax refund procedure.