scorecardresearchHow can you get your income tax refund?

How can you get your income tax refund?

Updated: 28 Mar 2022, 08:17 AM IST
TL;DR.

If you paid little extra to the department of income tax, you could be waiting for a refund. Let us find out how can you get it

A tax refund or tax rebate is a refund given to the taxpayer when the tax liability is less than the taxes paid 

A tax refund or tax rebate is a refund given to the taxpayer when the tax liability is less than the taxes paid 

If you are a law-abiding citizen who makes sure to pay their tax on time, it is not unusual to pay your tax on time, and sometimes even a little extra. In such cases, you could be waiting for an income tax refund i.e., difference between what you paid and what you were supposed to pay.

If you want to keep track of refund of tax, you can very well do it on the income tax website. Taxpayers can check the status of refund ten days after their refund has been sent to the refund banker. To find the status, you only need to write your PAN and assessment year, enter the captcha code before you can proceed.

Then you can go to ‘My Account’ and click on ‘refund/demand status’.

In the third stage, following details would be displayed on your screen: assessment year, status, reason (for refund failure if any) and mode of payment is displayed.

“A tax refund or tax rebate is a refund given to the taxpayer when the tax liability is less than the taxes paid. Taxpayers can avail a tax refund on their income tax if the tax they owe is less than the sum of the total amount taxes that they paid, plus the refundable tax credits that they claim,” says Neha Nagar, CEO of Taxationhelp.in.

It is important to know that the refunds are being sent in two following modes:

A. RTGS/ NECS: To enable credit of refund directly to the taxpayer's bank account, it is mandatory to provide MICR code/IFSC code of bank branch and correct communication address.

B. Paper cheque: For this, bank account number and address are mandatory.

“Tax refunds are usually paid after the end of the tax year. First, we must calculate the tax liability that is associated with us, to find the amount of income tax that we will get back as income tax refund. If the amount that we have paid in the form of taxes is more than the tax liability, then the extra amount will be refunded to our account,” adds Neha Nagar.

 

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One can view the refund status on income tax department's website.

“Refund will be made either through electronic mode i.e., direct credit to account or through Refund Cheque. Tax payers are therefore, required to enter correct Account number and IFSC code along with complete address details including PIN code at the time of filing of Return,” states Income tax department's tax information network.

For any refund related query, the tax payer should contact Aayakar Sampark Kendra Toll Free No. 1800-180-1961 or email at refunds@incometax.gov.in.

First Published: 28 Mar 2022, 08:17 AM IST