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Haven’t acquired your tax refund but? Here’s what to do

2 min read
You will know if there’s a tax refund due while preparing your ITR (Photo: iStock)

NEW DELHI: If the tax you might have paid in a monetary yr exceeds the precise tax legal responsibility, the Income Tax (IT) division refunds the surplus tax paid after you might have filed your revenue tax return (ITR). You will know if there’s a tax refund due whereas making ready your ITR. However, the ultimate refund quantity and whether or not you’re eligible for one is set solely after the ITR is processed by the IT division.

It’s been practically 40 days because the ITR due date has handed and in the event you nonetheless haven’t acquired your refund, it is best to examine its standing on the e-filing IT portal or tin-nsdl web site.

The tin-nsdl web site asks for the taxpayer’s PAN and solely shows whether or not the refund has been despatched by the assessing officer (AO) to their checking account or not. You can not examine the standing of your ITR and in a case the place the AO has re-calculated your taxable revenue that has resulted in the next tax legal responsibility or no tax refund, the identical will not be displayed on tin-nsdl web site. Full data on the ITR can solely be gained from the revenue tax e-filing portal –

On the IT portal, after logging in, click on on the e-File tab and choose ‘View Filed Returns’ below ‘Income Tax Returns’ possibility. Select the related evaluation to examine the ITR standing. If it reveals ‘under processing’, meaning your ITR remains to be not processed and the standing of refund will likely be displayed solely after the tax return is processed by the tax division.

When the standing shows ‘processed with refund due’, it signifies that the tax return has been processed and the tax refund will possible be issued to you inside 20 to 45 days after the ITR processing date. If the standing reveals ‘refund rejected’, it may imply that your tax legal responsibility has been re-calculated by the AO. The cause for rejection will likely be displayed and accordingly, you’ll get an intimation from the IT division searching for further tax or intimation about rectification wanted within the ITR, as is the case. In this case, you will need to file a rectification return below part 139(4) or pay the extra tax.

Once you file the rectification return and there’s a refund due, you’ll have to increase a refund demand from the IT portal. It may be submitted via ‘Refund Reissue’ possibility within the companies tab.

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