Filed your Income Tax Return and still not received Income Tax Refund? Continue reading this blog to know how to check Income Tax Refund.
First of all let us understand what is Income Tax Refund?
An income tax refund is a system where the tax department will return the excess amount of tax you have paid for the financial year. This could be advance tax, self-assessment tax, tax deducted at source, etc.
Now, how can one check Income Tax Refund?
- Fill in your details like PAN and assessment year (AY).
- After submitting the details, click on 'Proceed'.
- Your income tax refund status will be displayed on your computer screen.
- Now select at view returns or forms,
- Go to 'My Account' tab and select 'Income Tax Returns' and click on submit.
- Now you would need to click on the acknowledgement number.
- Your income tax refund status will be displayed on your computer screen.
If the refund has already been processed by the department, you will get a message.
Now, you must be wondering if you would receive an Interest on your Income Tax Refund.
Section 244A deals with interest on income tax refund and provides for interest at the rate of 0.5% per month or part of the month on refund amount. Such interest shall be calculated from April 1st of assessment year till the date of grant of refund if refund is due to excess advance tax paid or TDS. Income tax department gives interest on the excess tax paid to the government i.e on income tax refund.
This Article was authored by Tushant a passionate blogger by .
Co-founded Tax Ninja with the aim to serve knowledge digitally.
He's on a valiant quest to share his knowledge of Income Tax and GST.
Life motto : Do my best, so that I can't blame myself for anything
