ITR Refund Status: The deadline for filing an Income Tax Return (ITR) without penalty for fiscal year 2022-23 was July 31. Taxpayers who filed an ITR are now waiting for their tax return. According to the Income Tax Department sources, over 6.77 crore income tax returns were filed as of the last day. Close to 5.63 crore ITRs were verified and the Income Tax Department has even processed 3.44 crore ITRs, meaning that a large number of taxpayers have already received their refunds.
Also Read: ITR Trends: 15% Taxpayers Test Waters With New Tax Regime, 85% Opt Old With Deductions
The ITR refund is normally issued within 7 to 120 days of the day the return was filed. With technical developments, the average processing time for refunds has fallen dramatically. So, if you haven’t received your tax refund yet, check to see if you’ve e-verified your ITR. If you do not e-verify your Income Tax Return, the filing process is considered incomplete, and your ITR becomes invalid.
Income Tax Refund Status: Steps How To Check
Step 1: Go to Income Tax India website at https://www.incometax.gov.in/iec/foportal/.
Step 2: Log in to the portal using your registered USER ID (PAN number), the password, and the captcha code.
Step 3: Look for ‘View Returns / Forms’.
Step 4: Then click on the ‘Select An Option’ link and then on ‘Income tax Returns’ link from the drop-down list.
Step 5: Enter the assessment year and click on submit.
Step 6: To check the details, click on the ITR acknowledgment number to view the ITR refund status.
The ‘refund paid’ status is also recorded in the ‘Tax Credit Statements’ in Form 26AS.
In some cases, the ITR refunds can be delayed due to certain reasons such as:
- It is possible that taxpayers did not include the correct bank account number or other bank information when filing their income tax return (ITR).
- To obtain a benefit, taxpayers may have entered insufficient or false information. To correct this, customers should submit accurate and relevant information to limit the possibility of rejection or delay in the refund procedure.
- The disparity in TDS claimed in 26AS could be due to incorrect TDS return filing by the employer or TDS deductor (e.g bank), and taxpayers may need to contact them to fix their TDS return.
- One of the most prevalent causes for refunds not being issued is the requirement for additional documentation or information. Taxpayers may have overlooked some details when reporting their ITR.
