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The final date for submitting revenue tax returns for the monetary yr 2023-24 – July 31 – is drawing nearer.
If you’re among the many diligent tax-payers who’ve already accomplished the method, together with verification of returns put up submission, you’re in all probability awaiting refund of extra taxes paid, if any, throughout the monetary yr.
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Test refund standing
You may test the refund standing by way of the revenue tax division’s official e-filing web site (incometax.gov.in). Do make sure that your PAN and Aadhaar are linked earlier than you begin this course of.
Step 1: Go to the e-filing portal and log in
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Step 2: Beneath the ‘e-file’ tab, go to ‘View filed returns’
Step 3: Particulars of your returns filed might be displayed. Click on on ‘View particulars’ for the historical past and present standing.
Step 3: If the refund has been issued, the small print might be up to date, together with mode of fee, refund quantity and date of clearance.
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Additionally learn: ITR submitting for FY 2023-24: A step-by-step information to paying revenue tax utilizing your bank card
Brace up for partial refunds, failures
Nevertheless, there could possibly be different situations too. For instance, your tax refund could possibly be partially adjusted in opposition to taxes due, if any. In such instances, your refund quantity and clearance date might be talked about, however the standing will learn as: ‘Processed and partially refund adjusted’.
Then, there’s a chance that the complete refund quantity that you simply had claimed could possibly be adjusted in opposition to tax dues. In such instances, this replace might be displayed: ‘(return) Course of and full quantity adjusted’.
Lastly, your refund declare could possibly be rejected or there could possibly be a failure in crediting the refund to your checking account. In such instances, the date and causes for the failure might be displayed. For instance, in case your PAN just isn’t operative as it’s not linked to Aadhaar, the web site will show an alert, asking you to finish the method after paying the penal price underneath part 234/H (Rs 1,000).
Additionally learn: Your one-stop information to submitting revenue tax returns
Determine the reason for failure
Other than this, there could possibly be different causes for refund failure. In response to the revenue tax (IT) division, your refund processing might not undergo in case your financial institution just isn’t pre-validated. This course of is obligatory and it’s essential to full it in case you have not executed so already.
Equally, refund request could possibly be rejected if the identify talked about within the checking account doesn’t match along with your PAN particulars. You probably have erroneously talked about an invalid IFSC code on your checking account or have already closed the checking account chosen for refund, it is not going to be processed, resulting in a delay.
