ITR refund: There is no such ITR form that one can fill and claim income tax refund
Income tax refund status: An income tax payee is eligible to claim refund if its has made more than actual income tax outgo on its in come. This income tax return or ITR refund can be claimed on higher TDS being deducted by its employer, or excess TDS deduction by bank on its deposit interest income, higher advance tax payment, etc.
Speaking on how an earning individual becomes eligible for income tax refund; SEBI registered tax and investment expert Jitendra Solanki said, “There is no such ITR form that one can fill and claim income tax refund. An income tax payee has to file one’s ITR within the due date and get full interest on one’s ITR refund. After that, the income tax department will review its income for the assessment year and in case it finds any excess TDS deduction or higher advance tax payment, then it would automatically refund the taxpayers excess payment through ITR refund.” He said that it is important for an earning individual to file ITR within the given due date and get refund even when its annual income is less than ₹2.5 lakh.
Read More: ₹ 2.24 Lakh Crore I-T Refunds Issued In FY22: Finance Ministry
So, after ITR filing, one needs to keep checking one’s ITR refund by logging in at the income tax website. Now after the inception of new income tax portal, one can login at new income tax e-filing portal — incometax.gov.in/iec/foportal and check one’s income tax refund status.
How to check ITR refund status online on new income tax e-filing portal
As mentioned-above, an income tax payee needs to login at new income e-filing portal and follow the below-mentioned step by step guide:
Read More: Income tax department notifies new ITR forms. 5 changes you should not miss
1] Login at new income tax e-filing portal — incometax.gov.in/iec/foportal;
2] Login using your ID, password and CAPTCHA;
3] elect ‘View Returns / Forms’;
4] Then select ‘Income Tax Returns’ from select an option from the drop down menuu;
5] Enter the relevant income tax assessment year;
6] Click at ‘Submit’ option; and
7] Select acknowledgement number from the drop down menu.
