Home BusinessIncome Tax Refund: Don’t Miss Out! Check Your Status Now
By entering into the website for electronic tax filing and selecting the “Refund Status” option, taxpayers can check the progress of their refund.
Check Your ITR Refund Status Now
New Delhi: The last date for filing income tax returns (ITRs) for the assessment year 2022–23 is fast approaching, and many taxpayers are still scrambling to meet the deadline. However, for those who have already filed their ITRs, the income tax department has begun the process of sending refunds to those who are eligible. If the taxpayer has given all required information, including their bank account information and the correct address, the refund process may go more swiftly than in the usual few weeks. By entering the website for electronic tax filing and selecting the “Refund Status” option, taxpayers can check the progress of their refund. If you haven’t already, you should file your ITR as soon as possible. You must also note that, there are serious consequences associated with submitting your returns after the due date of July 31, 2023.
Steps To Check Your ITR Refund
1. Go to the Income Tax e-filing portal.
2. Log in with your user ID, password, date of birth or date of incorporation, and the captcha code.
3. Go to the “My Account” section.
4. Click on the “Refund/Demand Status” option.
5. Your details, such as the assessment year, status, reason for refund failure (if any), and mode of payment, will be displayed.
Some Additional Tips for Checking Tax Refund Status Online:
– Make sure you have all of the necessary information, such as your user ID, password, and date of birth.
– If you have forgotten your user ID or password, you can reset it through the e-filing portal.
– If you have any problems checking your status online, you can contact the IRS helpline.
Penalty For Failing to File an ITR by the Deadline
A taxpayer must make sure that their ITR is submitted on or before Sunday, July 31, as the government has made it plain that there won’t be any extensions to the filing date. Belated ITRs are those that are submitted after the deadline has passed. A late filing fee must be paid by the taxpayer in order to submit a late return. The Income-tax Act of 1961’s Section 234F imposes this levy of Rs 5,000. However, the late filing cost would not be more than Rs 1,000 for small taxpayers with total income up to Rs 5 lakh. Before the belated ITR is filed, this fee must be paid.
What Happens If Taxpayers Don’t Submit ITR?
The current assessment year’s losses cannot be carried over by taxpayers if they do not submit an ITR at all. Additionally, a fine of at least 50% of the assessed tax or as much as 200% of the assessed tax may be imposed.
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