Not received your Income Tax Refund?

Not received your Income Tax Refund?

Know what steps you need to take for getting refund quickly -

Typically, income-tax refunds get credited to the bank account of assesses within a few weeks. Sometimes, it takes months.

To check the status of your refund, log on to http://incometaxindia.gov.in or http://tin-nsdl.com and click on the “Status of Tax Refunds" tab, enter your PAN and assessment year (AY) for which your refund is pending

7 Different Tax Refund Status & Action needs to be taken

1) Refund Not Determined - This means that the Income Tax Department has still not processed your Income Tax Return or determined the refund yet. – Raise Grievance online from your account for processing.

2) No demand no refund – No refund as per ITR or It could also be that you did file for a refund, but the Income Tax department denied the refund because their calculations did not tally with yours. File rectification returns and claim refund in case of error in ITR filing.

3) ITR processed refund determined and sent out to Refund Banker – Wait you shall get in 15 days or so, and then check your bank statement again. You will get refund in case of further delay, raise a grievance online from your income tax account.

4) Refund Unpaid - Tax Department has sent the refund to you, but the address provided to the IT department is wrong or bank account details in your ITR is wrong, & hence the refund wasn’t processed. you need to apply for the “Refund Reissue Request” from your income tax account.

5) Contact Jurisdictional Assessing Officer - indicates that the I-T department needs further clarification / Information regarding your Income Tax Return that you filed. You can visit your tax officer as he may require some clarifications.

6) Demand determined - Notice from the Income Tax Department with the exact amount of tax outstanding and the reason for the same. Check and file revise returns if there are errors in original returns.

7) Rectification processed refund determined and sent out to Refund Banker – in case of rectification or revise returns, refund status that its been processed. Wait for few days it will get credited or raise grievance.

Do not worry if your refund is late as your earn 6% interest on delay, which is much higher than bank Fds.