Are you eligible for an income tax refund? If you have paid more tax than your actual tax liability in a financial year, then you are eligible to get an income tax refund. You will have to file for a refund in the income tax return (ITR) for that particular year. Once the tax department processes your ITR and confirms via an intimation notice, you will receive this income tax refund. Note that this intimation notice is sent to you under the section 143 (1) of the Income-tax Act, 1961. The last extended date to file returns for FY2020-21 is currently December 31, 2021.
The State Bank of India (SBI) processes the income tax refund, and the amount is directly credited to the bank account, which the taxpayer has nominated at the time of filing his/her ITR. Thus, it is important to make sure that you have mentioned the correct bank account number and IFS code. Further, 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 must be linked with the bank account.
How to track the status of income tax refunds?
There are two ways to track your income tax refund, first, it is through the new income tax portal and the second is 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 the user ID (PAN), and your password.
Step 2: Log in and click on the ‘e- file’ option.
Step 3: Select the ‘Income tax returns’ followed by ‘View Filed returns’.
Step 4: Now, check the latest ITR filed.
Select ‘View Details’ option and it will show the status of the ITR you have filed.
Here are the steps for the 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 the status of your refund will flash.
If your Income Tax Refund is not credited, you can raise a request by selecting ‘Refund Reissue’ under the ‘Services.’