Income Tax Refunds: What You Need to Know and How to Track Your Status

Income Tax News— If you’ve overpaid your taxes for the financial year and filed your income tax return (ITR) on time, you can expect a refund from the tax department. The refund process is initiated once your ITR is processed and a notice under Section 143(1) of the Income-tax Act, 1961, is issued confirming the refund. For the financial year 2023-24 (Assessment Year 2024-25), returns should have been filed by the deadline of July 31, 2024.

Bank Account Verification and Pre-validation

The State Bank of India (SBI) is responsible for processing and depositing income tax refunds directly into the bank account specified by the taxpayer in their ITR. It is crucial to ensure that the correct bank account number and IFS code are provided. Additionally, taxpayers should pre-validate their bank accounts on the government’s new income tax e-filing portal and ensure that their PAN is linked with the bank account to avoid delays.

Expected Timeline for Refunds

Typically, once the ITR is processed, it takes about four to five weeks for the refund to be deposited into your account. If you have not received your refund within this period, check your emails for any communication from the income tax department that might indicate issues with your tax return. You can also track the status of your refund on the e-filing website.

How to Check Your Tax Refund Status

To check the status of your tax refund, follow these steps on the income tax department’s e-filing portal:

1. Visit www.incometax.gov.in and log in using your PAN/Aadhaar number as the user ID and your password.
2. Click on the ‘e-file’ option on the dashboard.
3. Under the ‘e-file’ menu, select ‘Income Tax Returns’ and then click on ‘View Filed Returns.’
4. Find the latest ITR filed for FY 2023-24 (Assessment Year 2024-25) and click ‘View Details.’
5. The details will show the status of your ITR, including the date of issue of the tax refund, the amount refunded, and the date of clearance for any pending refunds for this assessment year.

By following these steps, you can stay informed about your refund status and ensure that any issues are addressed promptly.

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