If any individuals have filed their income
tax return and have paid more tax than what was outstanding is eligible
to receive a refund. Usually, refund arises when taxes paid by the taxpayer are
more than their actual liability including interest. It could be in the form of
advance tax, self-assessment tax, tax deducted at source, foreign tax credit.
However, any tax assessee can claim tax refund by simply filing their ITR.
Besides, once you have filed e-file ITR, the next step is to verify your ITR,
the income tax refund
will be automatically become due if a surplus tax was deducted.
When the procedure for income tax return filing gets
completed make sure that your ITR is electronically verified through Aadhar
number OTP and EVC generated through Aadhar number OTP.
Moreover, EVC generated through a bank account or physically verified by
posting the signed ITR-V to CPC within 120 days of filing the ITR.
After the ITR process completed by the Income Tax
Department, the tax claim is accepted and the due amount will be credited
directly to the taxpayers bank account. Although, keep in mind that for income
tax refund the taxpayers bank account should be linked with the PAN card. This
step has been taken to eliminate the traditional way of sending tax refund
cheque by speed post.
How to check the Income Tax Refund Status?
If you want to check your refund status, the tax
filers can easily check by logging in to the income tax department's e-filing login website with
their user ID and password. In the next step, you will be required to locate
view return and forms on the display page and from the drop-down menu, just
choose the options income tax returns. Select your assessment year and once you
complete the process the tax refund status will be accessible.
Meanwhile, the ITR filing due date has been
already extended to 31st August ‘19’ and now taxpayers have enough time to file
their ITR without any hustle and bustle. Also, the CBDT has recently launched
the lighter way of e-filing website called as e-filing 'Lite' portal
to make tax filing process easy for the taxpayers who are preparing to file
their return for the financial year 2018-19.
This new benefit will help taxpayers who don’t want
to do any other activity on the income tax department website apart from e-filing of income tax return.
Now, all registered users on the e-filing website have two ways to access the
e-filing facility.
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