ITR refund status FY2023-24: 4 different income tax refund statuses; 8 reasons for refund failure Nonetheless, the refund will only be granted once the tax department has processed your ITR and issued a notice confirming it
If you've paid more tax than you owe for a financial year, you can expect to receive an income tax refund after filing your income tax return (ITR). However, the refund will only be issued once the tax department processes your ITR and sends you a notice confirming it. This notice is issued under section 143(1) of the Income-tax Act, 1961. This year, the returns for FY 2023-24 (AY 2024-25) should have been filed by the deadline of July 31, 2024.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} The State Bank of India (SBI) processes income tax refunds and deposits them directly into the bank account specified by the taxpayer in their ITR at the time of filing. Therefore, verifying that the correct bank account number and IFS code are provided is essential. It's also crucial to pre-validate the bank account on the government's new income tax e-filing portal and link the PAN with the bank account.
How many days does it take to get a tax refund?
To receive a refund, it's important to verify your tax return online. Typically, the refund takes four to five weeks to be deposited into your account. If you haven't received it by then, make sure to check your emails for any communication from the income tax department regarding potential issues with your tax return. Additionally, you can track the status of your refund on the e-filing website.How many days it takes to get tax refund: After filing ITR, when will I get refund?
How to track status of ITR tax refund
You can track the income tax refund on:a) The new income tax portal or
b) The NSDL website
How to check tax refund status on e-filing portal
The income tax refund status can be tracked on the tax department's e-filing portal by following the steps below:1. Visit www.incometax.gov.in and log in to your account by entering PAN/Aadhaar number as user ID, and your password.
2. After logging in click on 'e-file' option. Under the 'e-file' option, select 'Income tax returns' and then select 'View Filed returns'.
3. Check the latest ITR filed. For FY 2023-24, the latest ITR filed (presuming you have already filed it) will be for AY 2024-24. Select 'View Details' option. Once selected, it will show the status of ITR filed. It will also show you the date of issue of tax refund, the amount refunded and date of clearance for any refund due for this AY.
Filed ITR but didn't get tax refund yet? You may need to request reissuance of tax refund in these cases
ITR tax refund status message
Status 1: When refund is issued: ITR filing is processed and a refund is credited to your account Status 2: When refund is partially adjusted: If the department has any outstanding demands from previous years, they can offset them against the current year's refund. However, before doing so, they will send a notice under section 245 informing you about the adjustment. You must respond to the notice to indicate whether you agree with the department's decision. Failure to respond promptly will result in the department offsetting the demand and processing the return accordingly.Status 3: When full refund adjusted: In case there is any outstanding amount from previous years, the department will deduct that amount from your current year's refund. However, before making this adjustment, they will issue a notice under section 245, informing you about the offset of your refund against the outstanding amount from previous years.Status 4: When refund is failed: The refund has been accepted by the IT department but was not paid due to an error in bank details as bank details are not prevalidatedTax refund status: How to check ITR refund status online using PAN number on e-filing portal, NSDL website
What can be the reasons for refund failure?
Failure of credit of refund can be due to one or more reasons as listed below:If your PAN is inoperative, your refund will get failed and you will see a warning message to link your PAN with the Aadhaar.Incorrect Bank Details (Account no, MICR Code, IFSC Code, Name mismatch etc.)Account holder KYC is pendingAccount details given are other than Current Account or Saving Bank AccountAccount Description is incorrectIf the account that you have mentioned in the ITR has been closed.In case the bank account is not pre-validated. It is now compulsory to pre-validate your bank account.
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This story originally appeared on: India Times - Author:Faqs of Insurances
