Income tax refund status verification is a crucial procedure to find out if one has obtained the refund amount provided through the income tax department or not. But you shall only obtain this income tax refund post-processing of the income tax return by the tax department and verify that through the circular.
The account in the bank should be pre-validated on the latest income tax portal of the government and the bank account should be connected with PAN.
This year’s returns need to be furnished for FY 2020-21, towards which the prolonged last date is now 31st Dec 2021.
Income Tax Refund Could be Availed When:
- Towards the company, you have not filed all the investment proofs which reveal that the amount of the taxes cut down by your employer is more than the real tax liability for the specific fiscal year.
- The additional TDS was deducted upon the income which is coming from the interest via Banks FDs or bonds.
- The advance tax furnished through you on self-assessment crossing the limit of your tax liability that is subjected to the fiscal year under the norms of regular assessment.
- Concerning double taxation.
What is The Method to Take The Income Tax Refund?
Before that, the income tax Form 30 was needed so as to avail the income tax refund. But within the e-transfer of the refund, this can be availed through furnishing the Income-tax return, associating the PAN within the Aadhar and verifying the bank account. The ITR must get validated via physical mode or through electronic means within 120 days of furnishing. The excess tax towards which the refund is to be availed must be shown in Form 26AS. Also, taxpayers can freely download & import form 26AS via tax software with very a simple process, named Gen IT software. Furthermore, the income tax department must validate the refund. It is credited only when the availed refund seems to be verified through the council.
There is Some Method to Find Out The Income Tax Refund Status?
1. On the NSDL Website
- Step 1: Proceed to the NSDL website to monitor the refund.
- Step 2: The following web page will appear. Fill in the information, consisting of the PAN and AY, and tap on the proceed.
- Step 3: Your income tax refund status shall be shown, as described in the mentioned image.
2. Upon e-filing Portal:
- Step 1: Log in to the e-filing portal of the Income Tax department via tapping here.
- Step 2: Choose the View Returns/ Forms.
- Step 3: Proceed to the ‘My Account’ tab and choose ‘Income Tax Returns’. Tap submit.
- Step 4: Tap on the acknowledgment number.
- Step 5: A page that revealed the return information including the income tax refund status which shall resemble.