Income tax refund: The Income Tax Department has issued a refund for the financial year 2021. If you had claimed for Income Tax Refund and you have not received it. So know what could be the reason behind this.
Income tax refund: Income tax department has issued refund for 2021. According to reports, a total refund of Rs 2.61 lakh crore was done in the business year 2020-2021. This is 42 per cent higher than the previous financial year. If you too had claimed for Income Tax Refund and you have not received the amount. So know what could be the reason behind this.
Information will be sent
After the processing of returns (ITR processing), the tax department feels that your claim is correct, then its information will be given to you through SMS and email. In this message, the department will tell you how much refund you will get. In addition, he will also send a refund sequence number.
How to find out the refund
There are two ways to check refund status. First by visiting the Income Tax e-filing website and second by visiting the TIN NSDL website. During checking, you will be asked for PAN, assessment year details and will have to fill captcha.
- First go to the website www.incometaxindiaefiling.gov.in.
Log in to your account by entering details like PAN, password and captcha code. - Click on ‘Review Returns / Forms’.
- Select ‘Income Tax Returns’ from the drop down menu. Select the assessment year for which you want to check your income tax refund status.
- Click on your enrollment number i.e. hyperlink.
- A pop-up will appear on your screen which will show the timeline of filing of returns. Like when your ITR was filed and verified
- Was, completion date of processing, date of refund issue etc.
- Apart from this, it will also show the assessment year, status, reason for failure and mode of payment.
Interest will be given on additional amount
If additional tax is paid to the government, then the Income Tax Department pays interest on the additional amount. A simple interest of 0.5% is applicable on a monthly basis.
The sooner the IT return is filed, the faster the refund process will be. IT department selects refund cases based on chronology
is.If there has been a delay in filing the return, then it can be delayed in processing and refunds as well.
