The last date for fling your Income Tax Returns for Financial Year 2022-23 is July 31. With the last date approching soon, Crores of people have already filed their Income Tax Returns. So, for those who have already filed their IT Returns, the Income Tax Department has started sending refunds back to the accounts of those taxpayers.
However, if you still haven’t filed Income Tax Returns and you owe a refund from the Income Tax Department, you are required to file Income Tax Return soon. In case you fail to file your IT Returns within time, you will be required to pay a penalty of Rs 1000 if your income is within Rs 5 lakh and Rs 5,000 if you income exceeds Rs 5 lakh.
The number of taxpayers filing their Returns so far, is much higher than last year. So far, more than 3 crore income tax returns have been filed. Last year, three crore returns were registered till July 25.
On July 18, the Income Tax department had announced that a total of 3.06 crore returns have already been filed. Out of which, 2.81 crore ITRs have already been verified by the department. Due to this, the Income Tax department has appealed to the people to complete refund filing quickly to avoid rush.
So, how to check your Income Tax Refund Status?Once you have filed Income Tax Return, refunds are processed within 20-45 days by the Income Tax department.
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However, you need to check from time to time to know the status of your tax refund from the Income Tax department.
To view your Refund/Demand Status, taxpayers need to follow these simple stepsStep 1: Visit the Income Tax e-filing portal
Step 2: Login using your User ID, password, Date of Birth/Date of Incorporation and Captcha.
Step 3: Go to My Account
Step 4: Click on Refund/Demand Status
Step 5: Your details like Assessment year, status, Reason (for refund failure if any), Mode of Payment is displayed.
