IR Filing 2023: While filing the ITR, it is important to make sure that you have mentioned the correct bank account number and IFSC code.
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ITR Filing 2023: With just a few days left for Income Tax Return filing deadline to end, taxpayers are busy filing their ITR these days. However, if you have already submitted your income tax return (ITR) for the assessment year 2023-24 and are eagerly waiting for tax refund, you’ll be happy to understand that the income tax portal has introduced a new feature that enables you to easily verify the status of your tax refund.
When you file an income tax return, you disclose income from various sources such as salary, business or profession, house property, capital gains, and other income. Based on these incomes, the income tax is calculated, and if any tax is due, it must be paid before filing the return.
However, if the taxpayers have paid more tax than the actual tax liability for a financial year, then they are eligible to get income tax refund after filing the income tax return (ITR) for that year.
The intimation letter from the I-T department about the ITR refund will be sent to you under section 143 (1) of the Income-tax Act, 1961.
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Taxpayers need to note that the income tax refund is processed by State Bank of India (SBI) and is directly credited to the bank account nominated by the taxpayer in their ITR at the time of filing it.
While filing the ITR, it is important to make sure that you have mentioned the correct bank account number and IFSC code. Moreover, the bank account must be pre-validated on the government’s new income tax e-filing portal and PAN must be linked with the bank account.
Earlier, the taxpayers were asked to verify their refund status on the TIN-NSDL website. Even as you can still access this information from the TIN-NSDL website, a more convenient option has been introduced on the income tax portal (I-T portal). This new feature will allow users to directly check their refund status without navigating away from the portal itself.
ITR Filing: How to Check Income Tax Refund Status:
- First you need to visit E-filing portal.
- Then you will have to click on ‘Quick Links’ section till you see ‘Know Your Refund Status’. Click on it.
- In this section, you need to fill in your PAN number, assessment year (2023-24 for the current year), and mobile number.
- After this, you will get an OTP. Fill in the OTP in the given place.
- Finally, the ITR refund status will display on the screen and the income tax refund status will be visible to you.
