22 Feb
INCOME TAX REFUND:- PROCESS & HOW TO CHECK STATUS?
INCOME TAX
REFUND:- PROCESS & HOW TO CHECK STATUS?
Tax Refund
What is a Tax Refund?
A tax refund is a reimbursement to a taxpayer
of any excess tax amount paid to the central government. This can be in the
form of tax deduction at source (TDS), advance tax, self-assessment tax, tax
collected at source, foreign tax credit etc.
If you get a tax refund, it usually
means you overpaid your taxes last year. Now day’s mostly sole proprietors,
Partnership, LLP or Private Limited companies are the most eligible for getting
an income tax refund.
The reason a taxpayer get a
refund
· Some
salaried person forgot to give tax-saving details to his HR team & they
deducted TDS as per income tax slab
· Some
time, taxpayer-paid tax-saving instruments in the month of March. That time
company does not accept the details and the company asked for file your return
and get a refund
· In
the case of taxable income below exemption limit & taxpayer have TDS
credited in his 26 statement
· In
the case of extra advance tax paid to the government and at the timing of income
tax filing income is below as taxpayer expected in that case taxpayer will get
a tax refund.
Process of getting an
income tax refund
There is no separate process of getting
an income tax refund due to the taxpayer. The taxpayer simply files income tax
returns as per his nature of income and ensure his return is electronically
verified through Adhar OTP, EVC generated through a bank account or physically
submitted to CPC department Bangalore within 120 days of return filing.
After processing your Income-tax return
CPC department will determine your tax refund and you will get intimation
through SMS and email. In between, if you have any previous outstanding tax
demand with the income tax department then this tax refund amount will adjust
with that outstanding tax demand under section 245. So always check if you have
any previous dues.
Sometimes bank account and IFSC code entered
in ITR is not matching with the system that time your tax refund hold with
the department. After completion of true and correct details in the tax
department then you will get a tax refund amount.
How to check the tax refund
status?
It is easy to check the tax refund status
online. First click on the below link https://tin.tin.nsdl.com/oltas/refund-status-pan.html
then one window will open, in that window you have to enter your pan no and
select assessment year which you want to check refund status then enter captcha
code then click on proceed. Next, you will check your tax refund status.
Types of income tax refund status
· Not
determined:- It suggests that your ITR has not proceeded and you need to check
your income tax status after a few days
· Refund
paid:- It suggests that your income tax refund has been sent to
you or has been credited to your bank account
· Refund
failed:- it suggests that when the refund amount could not be credited to your
bank account because of wrong bank details
· Refund
expired:- it suggests that the refund cheque is valid for 90 days and after 90
days over then you will have to get a refund cheque reissued in your name
· The
Cheque has been encashed:- it implies that cheque has been received and has
been encashed
· Refund
Returned: - it implies that refund cheque returned to the income tax department
due to not properly addressed. In such cases, you will have to send a request
to re-issue your income tax refund.
· Refund
adjusted against last year’s outstanding demand:- it implies that if you
have any pending tax demand from the income tax department then your income tax
refund may get adjusted against your income tax refund amount.
Alliance Tax Experts is the one-stop
solution for all your Financial Needs. We are the leading Income Tax, GST &
Company registration services provider in Mumbai, Maharashtra, India.
We provide consultancy starting from Company
Registrations, Income Tax Filing, Accounting, GST Filing, Income Tax Audit, GST
Audit services. We offer comprehensive compliances services for
proprietors, partnerships, Private limited companies, limited liability
partnerships, OPC private limited Companies, Trust and Individuals.
Regards
Santosh
9769201316
santoshpatil@alltaxfin.com
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