Are you eligible for income tax refund? If you have paid tax in excess of your actual tax liability in any financial year, you are eligible to get income tax refund. You have to file for refund in Income Tax Return (ITR) for that particular year. Once the tax department has processed your ITR and verifies it through an intimation notice, you will receive this income tax refund. Note that this information has been sent to you under section 143(1) of the Income Tax Act, 1961. The last extended date for filing returns for FY2020-21 is currently December 31, 2021.
State Bank of India (SBI) processes the income tax refund, and the amount is directly credited to the bank account, which the taxpayer has designated while filing his ITR. Thus, it is important to ensure that you have mentioned the correct bank account number and IFS code. In addition, the bank account should be pre-validated on the new income tax e-filing portal of the government and the PAN card of the taxpayer should be linked with the bank account.
How to track income tax refund status?
There are two ways to track your income tax refund, first through the new income tax portal and second through the NSDL website.
Here are the steps for the new income tax portal:
Step 1: Open www.incometax.gov.in on any internet browser. Log in to your account by entering your User ID (PAN) and your password.
Step 2: Log in and click on ‘e-File’ option.
Step 3: Select ‘Income Tax Return’ and then ‘View Filed Returns’.
Step 4: Now, check the latest ITR filed.
Select the option ‘View Details’ and it will show the status of ITR filed by you.
Here are the steps for TIN NSDL website:
Step 1: Open any internet browser and enter https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
Step 2: Enter your PAN details.
Step 3: Select the year for which you want to check the refund status.
Step 4: Enter the captcha code and click on submit. Once you submit your refund status will flash.
If your Income Tax Refund is not credited, you can make a request by selecting ‘Refund Reissue’ under ‘Services’.
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