Your company has deducted more tax on salary or your bank has deducted Tax Deducted at Source (TDS ) at flat rate of 10%. You have even filled your Income tax return online to get your income tax refund and you are eagerly waiting for the income tax refund to be credited in your bank Account.
Tax refunds, whenever applicable, are made in 2 different modes to tax payers: ·
- RTGS / NEFT: In order to enable direct credit of the refund amount to the bank account of the tax payer, the taxpayer’s correct bank A/C (at least 10 digits), MICR/ IFSC code of the bank branch and required communication address is mandatory.
- Bank Cheque: The standard paper cheques wherever issued require the current bank account number and the correct address of the tax payer as mandatory information.
There are a few facts that one needs to know while checking tax refund status online:
- The Income tax Department has nominated the State bank of India (SBI) as the refund manger agency for all such transactions. SBI forwards all refund cheques or online transfers.
- RTGS/ NECS/ ECS transfers are possible only if the 10 digit account number has been correctly provided by the assessee along with the IFSC code of the bank. Otherwise standard cheques or demand drafts will be dispatched to the address provided by the assessee.
- The online status is updated for viewing only after a period of 10 days after the assessing officer having made the refund either online or by dispatching the cheque.
- The refund status will be available only if the tax return has been filed correctly and on time and has been received by the department. This is possible only if the assessee has received an acknowledgement form from the department of having received the ITR.
- Filing Income tax Return online helps in getting faster Income tax refunds. The processing time is considerably less in case of the online system as compared to the traditional paper form filing.
You can now check status of Income tax Refund Online. The Income Tax Department offers an online facility for tracking your Income Tax Refund and its status. Taxpayers can view status of refund 10 days after their refund has been sent.
Just enter your PAN number and Assessment year for which you want to check Income Tax Refund.
File Your Income tax Return with us Now