How to Verify Your Income Tax Refund Status Online

Once your Income Tax Return (ITR) is processed, you can expect a refund within 20 to 45 days. However, a refund of less than Rs 100 will be adjusted to the next financial year. If you haven't received your refund yet, you can check its status online by following these simple steps.

Step-by-Step Guide to Verify Your Income Tax Refund

Step 1: Visit the official Income Tax Portal and log in with your User ID and Password.

Step 2: Under the ‘e-file’ option, select ‘Income Tax Returns’ and then go to ‘View Filed Returns’.

Step 3: After clicking on ‘View Filed Returns’, you can see the status of your latest filed income tax return. Here are six possible refund statuses you might encounter:

Under Processing: This means your refund is still being processed. Refund Issued: Your refund has been credited to your bank account. Processed with no demand, no refund: This means you are not eligible for a refund as per the department's rules. Refund Failure: It indicates that your refund was not successful due to incorrect bank details. Case transferred to assessing officer: More information is needed regarding your ITR. Demand determined: You need to pay more taxes as per the findings of the assessing officer.

Follow these steps to ensure you know the status of your refund. If you learn something new, please UPVOTE and SHARE this article to help us reach more readers. To learn more about personal finance, join us at ET Money.

Additional Tips for Filing Income Tax Returns

For individuals who have recently filed their income tax returns for the Assessment Year (AY) 2024-25 on June 27, 2024, with the assistance of a Tax Return Preparer, the process involves a few key documents. You should have the following:

Form 16 A: Provided by your employer, Himachal Pradesh University Shimla. Interest Statements: From the banks where you have your accounts. Form 16 A from the Banker: For additional details about bank deposits. Tax Information Sheet (TIS): Replaced form AS-26, containing all information about pension, tax deductions, and other sources of income. Time to Tally: Ensure that the information in TIS matches the Form 16 A from HPU and the bank's Form 16 A.

For the Income Tax Department, the information in TIS is considered correct. If there are discrepancies, get them corrected from the source.

Once the data is uploaded, the Department will send a One-Time Password (OTP) to the mobile number linked to your return filing. Typing in the OTP verifies your return, and it is then considered filed. Your Tax Return Preparer (TRP) will provide you with a hard copy of the filed return for your records.

The new tax regime allows for no exemptions, but the tax rates are generally lower: 0%, 5%, 10%, 15%, 20% on different tiers, up to the first 12 lakh of income. Ensure all your information is correct and up-to-date for a smooth process.

Note: This information is sourced from Effizen Seele Pvt. Ltd. and is provided for educational purposes.