Monitor your tax refund at any moment via the internet

For non-audit cases, the deadline for filing an ITR return is July 31, 2024; for audit cases, the deadline is October 31, 2024. The time to file income tax returns is over. Are you awaiting the return of your income taxes? Let’s examine a few issues surrounding an income tax refund.

Monitor your tax refund at any moment via the internet

What is a refund of income taxes?
When a taxpayer pays more in income tax to the government than what is really owed for a particular year, the income tax department reimburses the excess amount paid following the assessment deadline. The term “income tax refund” refers to this sum that is returned.

When may you get a refund of your income taxes?
The following circumstances allow one to receive a refund of income taxes:

Excess TDS deducted:

  • Generally, the employer deducts taxes after taking into account a variety of documentation that an employee has given him about, for example, 80C investments, 80D medical insurance premiums, etc. Nevertheless, there are situations in which an employee is unable to provide documentation for a few of these assets by the end of a given fiscal year. As a result, the employer proceeds with a larger deduction. The worker can, however, deduct the benefit of these investments from their income when filing their income tax return, which would allow them to get a refund of the additional taxes they paid.
  • Some people would not even be in the taxable category if their income is less than Rs 2.5 lakh. As a result, they would not be subject to taxation. Nevertheless, their income would have been subject to taxation. Given this, they are entitled to a reimbursement for the extra tax that was withheld;
  • Excess TDS was deducted from your interest income: If the sum exceeds the threshold limit outlined in the Income Tax Act, banks may deduct TDS on interest collected on bonds or FDs.
  • Overpayment of advance tax: Based on self-assessment, more advance tax was paid than the actual tax due for the particular fiscal year. When filing an ITR, you can claim this advance tax as a refund.
  • Taxpayers might be required to pay more taxes—during income tax proceedings, income-tax officials have the authority to add specified amounts to taxpayers’ income. Authorities handling appeals may remove such amendments. The taxes that the person would have paid will therefore be reimbursed.
  • When an individual is a citizen of one nation but receives money from another, they may find themselves in a situation where their income is subject to double taxation, or income that is taxable in multiple countries. Nonetheless, India has signed Double Taxation Avoidance Agreements (DTAA) with numerous nations, allowing you to request a tax refund if you are an Indian non-resident and your income is subject to taxation in another nation. This DTAA agreement allows you to receive a reimbursement for any excess tax paid.

How can I see the status of my refund?
The tax agency will process the refund after it has been determined. You can verify the refund’s status by visiting one of two places:

The website of the NSDL, or the income tax e-filing gateway

  • Step 1 of using the income tax e-filing portal: Click this link to access the income tax e-filing system.
  • Step 2: Enter your password and user ID (PAN) to log into your account.
  • Step 3: Choose “Income Tax Returns” from the drop-down menu, then click “View Filed Returns.”
  • Step 4: This is where you can check the status of both the previously filed returns and the current return.
  • Click on “View details” in step five.
  • The status of the income tax refund is displayed.

Step 1 of using the NSDL Portal: Click this link to visit the NSDL website and check the progress of your refund.

Step 2: Enter the information in the page below for your PAN, AY, and captcha, and then click “Submit.”

When you’re done, the screen displays the progress of your refund.

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