ITR filing 2023-24: The last day to file income tax returns for the fiscal years 2023–24 is coming up quickly: July 31, 2024.
People who are responsible taxpayers have probably already finished the process, which includes verifying their return after the fact. They are now probably waiting for a refund of any extra taxes they paid during the year.
ITR filing 2023-24: Check the refund status
The official e-filing website of the income tax department (incometax.gov.in) lets you view the refund situation. Before you begin this process, be sure your PAN and Aadhaar are linked.
- Log in to the e-filing portal
- Go to ‘View filed returns’ under ‘e-file’
- You’ll see your filed returns. To see the history and current status, click ‘View details’.
- If the refund has been issued, the details will be updated, along with the mode of payment, refund amount, and clearance date.
Potential Failures
There are other options as well. For example, your tax refund could be used to pay off some of the taxes you owe, if there are any. Even though the amount of your refund and the date it was cleared will be written down, the status will still say “Processed and partially refund adjusted.”
Then, it’s possible that the full amount of your refund could be used to pay tax debts. If that happens, this update will say, “Process and full amount adjusted.”
It’s important to note that your refund request could be denied, or the funds may not be deposited back into your bank account. In such instances, the website will display the date and reason for the transaction failure. For example, if your PAN (Permanent Account Number) is not linked to your Aadhaar, you will receive an alert prompting you to complete the process after paying a penalty fee of Rs 1,000 under Section 234H. This step ensures compliance with regulatory requirements and facilitates the smooth processing of your refund.
Search the reason behind the failure
There might be other causes for failed refunds. If your bank is not pre-validated, the income tax (I-T) department claims your refund processing might not go through. If you have not yet done so, you have to finish this required process.
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Likewise, your refund request may also be rejected for several other reasons. If the name on your bank account does not match the details on your PAN card, this could lead to rejection. Similarly, providing an incorrect IFSC code for your bank account or selecting a closed bank account for the refund will prevent the processing of your refund and cause delays in the transaction. It’s crucial to ensure that all details provided for the refund are accurate and up-to-date to avoid such issues.
Claiming an income tax refund
It’s easy to get your income tax or TDS refund. All you have to do is file your Income Tax Return and give the Income Tax Department information about your income, deductions, and taxes paid. The amount of the refund that is due is shown on the tax return.
You need to finish e-filing before you can get your tax refund. This year, e-file to get your tax refund faster.
