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Claim Income Tax Refund and Check Status Online

June 05, 2017
As per section 139(1) of the Income Tax Act, 1961, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR). If you have paid excess tax in the previous years or have paid tax deduced at source or TDS, but your taxable income is lower than the tax bracket you fall under, you can check the income tax refund status and have it transferred to your bank account.

The online income tax refund status facility is not the only online tax related services you can avail. In an Assessment Year, claiming tax refund for Previous Years is possible for up to 2 Previous Years or Financial Years.Tax refund is paid either through direct credit to your bank account or by cheque.

The process of electronically filing income tax returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering on the income tax department website or other websites. Online filing of returns needs to be done by July 31 or every financial year, preferably a month or two in advance so as to encounter lesser traffic on the official site operated by the Government of India.

However, there are many private portals that assist you with filing of returns and charge a fee depending upon the services they offer.In case this deadline is missed for filing tax returns for the previous year, every additional day till July 31 increases the penal interest. The IT department has developed a mobile app for paying taxes and tracking refunds and is considering issuing PANs on real time basis using Aadhaar biometric facility.

The mobile application allows you to pay taxes and track refunds as well. The PAN allotment system of the I-T department is integrated with the Ministry of Corporate Affairs' portal for allotment at the time of incorporation of a company. A turn-around-time of 4 hours is prescribed for allotment of PAN after receipt of PAN application from MCA portal to PAN Service provider NSDL eGov portal.

To find out the amount of income tax you are eligible to get back as refund, you need to calculate your actual tax liability. If the taxes paid by you are more than your tax liability then the extra taxes paid by you will be refunded by the tax department. You can use our income tax calculator to find out your tax liability and refund that you are eligible for as per the tax structure in India.

In case you have filed your return and a refund is due but not received then you have to login to Income Tax website and login to 'My Account-My returns/Form' to know the update on the status of your return. The refund can be in process since because the return hasn't been processed by the IT department yet or IT department has decided on a 'no refund due' after processing. It is possible that you may not receive the refund even if your contact details like bank account number or postal address are wrong or you were not at home when the cheque was delivered to you.

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To learn more about the income tax slabs AY 18-19, click here.

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