Income tax return (ITR): How to examine IT refund standing on-line
2 min readAs the final date for fling earnings tax return (ITR) 31 July is nearing, many taxpayers are but to file their IT returns. But for individuals who have already filed their ITR, the earnings tax division has began sending refunds again to the accounts of those that are eligible for refunds.
If a taxpayer fails to file earnings tax return by 31 July, a penalty of ₹1,000 can be levied if earnings is inside ₹5 lakh and a penalty of ₹5,000 if earnings exceeds ₹5 lakh.
Once an ITR has been filed, refunds are processed inside 20-45 days by the earnings tax division. A taxpayer must examine occasionally the standing of IT refund from the tax division.
Steps to examine on-line standing of tax refund
1 – Visit the Income Tax e-filing portal
2 – Login with person ID, password, date of start/date of incorporation and captcha.
3 – Go to My Account
4 – Click on Refund/Demand standing
5 – Your particulars like Assessment yr, standing, Reason (for refund failure if any), Mode of Payment is displayed.
On 19 July, the earnings tax division stated over 3 crore ITRs for earnings earned in 2022-23 fiscal have been filed up to now, out of which 91% have been verified electronically.
“Out of the three.06 crore ITRs filed until 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. greater than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, greater than 1.50 crore ITRs have already been processed,” the I-T department tweeted.
The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year.
On 18 July, the income tax department said Non-Resident Indians (NRIs) and foreign citizens whose permanent account numbers have become inoperative due to non-linking with Aadhaar should submit proof of their residential status to the jurisdictional assessing officer for operationalising the PAN.
The department said concerns have been raised by certain NRIs/Overseas Citizens of India (OCIs) regarding their PANs (Permanent Account Numbers) becoming inoperative.
In a tweet, the department said it has mapped the residential status of NRIs in case they have filed ITR in any of the last three assessment years (AYs) or have intimated their residential status to the Jurisdictional Assessing Officer (JAO).
The PANs, according to the department, have become inoperative in cases where NRIs have not updated their residential status or have not filed returns in the last three AYs. “The NRIs whose PANs are inoperative are requested to intimate their residential standing to their respective JAO together with supporting paperwork with a request to replace their residential standing within the PAN database,” it tweeted.
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Updated: 23 Jul 2023, 06:12 PM IST
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