If you have paid more tax than you actually owe, you can apply for a tax refund from the Tax and Customs Administration.
The Income Tax department processes the returns and assesses the tax due based on the information provided
Income tax return filing is a required process for individuals and entities that meet specified income criteria established by the Income Tax Department. It is an important civic duty that helps the government collect revenue to fund various public services and infrastructure development. Filing income tax returns accurately and on time is crucial to avoid fines and legal complications.
The process of filing income tax return in India involves several steps. First, individuals must collect all necessary financial documents such as salary statements, bank statements, investment receipts, and other relevant income and expense information. These documents form the basis for calculating taxable income and applying for deductions and exemptions.
When filing income tax returns, individuals must accurately report their income from a variety of sources, including salaries, business or professional income, capital gains, and investment income. They must also declare all deductions and exemptions for which they qualify, such as those related to home loans, medical expenses, student loans, and contributions to specified savings plans.
The Income Tax Department processes the returns and assesses the tax due based on the information provided. If there are any discrepancies or questions, individuals may be notified for further clarification or investigation.
If you have paid more tax than you actually owe, you can apply for a tax refund from the Tax and Customs Administration. Once your return has been filed and verified, the Income Tax Department will process it. They will assess your tax liability based on the information provided, including the overpayment of tax.
If you are eligible for a refundthe Tax and Customs Administration issues an assessment with the refund amount. The refund may be deposited directly into your bank account via electronic wire transfer (Electronic Clearing Service) or sent to you as a refund check, depending on the option you selected when you filed your return.
Here’s what you can do to check the refund status;
Follow the steps below to view the refund/request status:
Step 1: Go to https://eportal.incometax.gov.in/iec/foservices/#/login to visit the relevant web page
Step 2: Login to the e-Filing website with username, password, date of birth/foundation and Captcha.
Step 3: Go to My Account and click on “Refund/Request Status”.
Step 4: The details below are displayed.
-Exam year
-Status
-Reason (if applicable)
– Mode of payment is displayed
Taxpayers can now view refund/request status.
Taxpayers should note that the income tax refund status on the portal is periodically updated. If you don’t see the latest status, you can check it again after a few days or contact the Tax and Customs Administration helpline for further assistance.