New Delhi: All the tax payers that have filed their Income Tax Return are eligible to get refund if they have paid amount in taxes that exceeds the actual amount due. This can be either by way of TDS or TCS or Advance Tax or Self-Assessment Tax.
As a pre-requisite the ITR refund processing by the tax department starts only after the return is e-verified by the taxpayer.
"Usually, it takes 4-5 weeks for the refund to be credited to the account of the taxpayer. However, if refund is not received during this duration, the taxpayer must check for intimation regarding discrepancies in ITR; check email for any notification from the IT department regarding the refund. The taxpayer can also check refund status on the e-filing as per the process detailed hereunder," says the tax department.
As many as over 58 lakh people filed their ITRs for the first time for AY 2024-25, as per an official data. Here are the pre-requisites for availing ITR Refund.
- Valid User ID and Password
- PAN is linked with Aadhaar number
- ITR filed claiming refund
- Go to the e-Filing portal homepage
- Enter the user ID and password
- For individual users, if PAN is not linked with the Aadhaar, you will see a pop-up message that your PAN is made inoperative as it is not linked with your Aadhaar
- Go to e-File tab > Income Tax Returns > View Filed Returns
- Now you can check the refund status for the desired Assessment year
- Click on View Details and here you can also check the life cycle of filed ITR
However, you must note that if your PAN is inoperative, your refund will get failed and you will see a warning message to link your PAN with the Aadhaar.
In addition to above, a refund from the Income Tax Department scheduled to be paid may fail to get credited to your bank account for the following reasons:
1. In case the bank account is not pre-validated. It is now compulsory to pre-validate your bank account.
2. The name mentioned in the bank account does not match with PAN card details.
3. In case of an invalid IFSC code.
4. If the account that you have mentioned in the ITR has been closed
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