Income Tax Refund- How to Check Income Tax Refund Status For FY 2022-23 (AY 2023-24)?

It is possible for you to get Income Tax Refund if more taxes have been paid than your actual liability. You can track the status of your Income Tax Refund online with the Income Tax Department. Using your Permanent Account Number (PAN) and Assessment Year, you can track the progress of your refund.

You can claim a refund if more taxes have been paid than your actual liability. You can track the status of your Income Tax Refund online with the Income Tax Department. Using your Permanent Account Number (PAN) and Assessment Year, you can track the progress of your refund.

Getting a tax refund begins once your return is e-verified by the tax department

• Your bank account will receive the refund within 4-5 weeks
• This procedure should be followed if you do not receive the refund within 10 days:
  • Make sure your ITR is accurate by checking the intimation (Login to the e-filing portal, click on e-File, Income Tax Returns, and view the filed returns).
  • If you have not received a refund notification from the Income Tax (IT) department, please check your email.
  • Below are methods for checking the refund status

Read More : How to know Your PAN Card Details

What is an Income Tax Refund?

Refunds in income tax are given to taxpayers whose taxes have been paid more than what they owe during a particular financial year. The taxpayer returns excess tax paid to the government. Individuals and businesses may end up paying more tax than their actual tax liability when they pay income taxes through tax deductions at source (TDS), advance tax payments, or self-assessment tax. A deduction is excessive or a deduction is reduced by a credit or exemption.

A tax assessment is calculated based on the income and deductions declared by the taxpayer when they file their income tax return. Overpayments of tax are refunded to taxpayers when assessed tax liabilities are lower than taxes paid. Your income tax refund will be processed once you have completed your e-filing.

How to Check Income Tax Return refund status?

Below are two methods for checking your refund status:

• TIN NSDL website
• Income tax e-filing portal

Refund Status check on TIN NSDL Portal

Check your refund online at this site https://tin.tin.nsdl.com/oltas/refund-status-pan.html

Click ‘Submit’ after entering your PAN, AY, and captcha.

How to do Income Tax Refund Status Check through an E-Filing Website?

1: Log in to your account on the income tax portal (https://eportal.incometax.gov.in/iec/foservices/#/login)

2: To view filed income tax returns, click ‘e-File’, then ‘Income Tax Returns’.

3: View your income tax returns for the current year and the past year.

4: Your income tax refund status is displayed once you click on ‘View details’, as shown below.

Income tax refunds can be claimed if you paid more taxes than needed.

Tax refund = Advance Tax paid (or Tax Deducted at Source or Taxpayer Identification Number) – Total tax liability for the current year.

An excess tax paid (in the form of Advance Tax, TDS, TCS, or Self-Assessment Tax) can be claimed as a refund if it is greater than the actual tax amount due. A refund claim will be validated by the income tax department before being initiated.

You can also check the Income Tax Refund Status through Tax2win

How to Check the ITR Status through Tax2win?

• Select the relevant assessment year and enter your PAN and email address
• To check the status of your ITR, enter the acknowledgment number

Read More : How to Buy Bitcoins in India?

What are The Different Types of ITR Status?

• Not Determined: Your tax return has not been processed because the amount refundable is unknown.
• Refund Paid: Your bank account has been credited with your income tax refund.
• No e-filing for this assessment year: Your income tax return has not been filed. You may have manually filed it as well.
• ITR Proceeds determined, and sent to Refund Banker: Our team has processed your income tax refund.
• Refund unpaid: This status indicates that your refund still hasn’t been received.
• No Demand No Refund: When this occurs, you do not need to request a refund from the tax department.
• Demand Determined: The income tax department has rejected your request for a refund since their calculations indicate that you should pay more taxes.
• Contact Jurisdictional Assessing Officer: Your income tax return details need some clarification.
• Rectification Proceeds, refund determined, sent out to refund banker: The IRS has approved the corrected refund request.
• Rectification Proceeded on, No Demand No Refund: No demands or refunds are pending the outcome of your rectification request.
• Rectification processed, and demand was determined: Refund requests that have been rectified have been accepted. Taxes are still due. Upon receipt of this notice, you will have 30 days to pay.

Read More : How to Generate SBI ATM PIN

Conclusion

By any chance, if you pay more tax than needed then you can claim a refund using a few processes. The purpose of this blog is to provide taxpayers seeking refunds for excess taxes paid with beneficial information to help them manage their tax refunds efficiently. Using the Income Tax Department’s online tracking portals, the article stresses the importance of accurate filing and e-verification. TIN NSDL and Tax2win offer alternative methods for users to monitor their refund status, such as the TIN NSDL website. This blog provides clear explanations of various ITR statuses to help taxpayers navigate potential refund scenarios, helping them remain informed throughout the refund process, ultimately leading to a smoother and more efficient refund process.