New Delhi:
The deadline for filing your Income Tax Return (ITR) is approaching quickly.
Failure to file by 31st July will result in the loss of benefits and may incur penalties and interest on unpaid taxes.
It’s crucial to file by July 31st, especially for those anticipating a refund from the Income Tax Department.
Sometimes, if excess tax is paid, the department returns the extra amount. This process is known as a refund.
Tax experts emphasize that taxpayers must file their return by July 31st to receive the refund.
Refund will be given only if the return is filed by 31st July
If you have filed your Income Tax Return (ITR) within the specified time, your refund will be credited to your bank account soon. Currently, the Income Tax Department processes refunds promptly.
You can check the refund status on the Income Tax Department’s official website by logging in with your PAN and password.
To check your refund status, follow these steps:
Log in to the e-filing portal. Navigate to the ‘e-file’ tab. Click on ‘View Filed Returns’ to see details of your filed returns.
Click on ‘View Detail’ to check both historical and current status.
If you have received a refund from the Income Tax Department,
you will see details including the mode of payment, refund amount, and clearance date.
Some part of the refund may be adjusted with tax
If you see ‘Processed and Partially Refund Adjusted’,
it indicates that a portion of your refund may have been used to offset outstanding taxes.
In these instances, details such as the adjusted refund amount and clearance date will be provided.
This adjustment means that part of your total refund is used to cover your tax liability.
In some cases the refund may be rejected
Sometimes, your refund claim may get rejected, resulting in the refund amount not being credited to your bank account.
If this occurs, you’ll be notified of the rejection date and the reason. According to Income Tax rules, if your bank account is not pre-validated, your refund cannot be processed.
