Most of the taxpayers will be waiting for the income tax refund, but do you know, you can check tax refund status online ?
Yes You can check tax refund status online.
The main reason of income tax refund is excess TDS deducted by the deductor (Employer in case of salary income).
You must know that the income tax refund claimed by you in the income tax return, is not final.
The income tax department will process your return and intimate you the final amount of income tax refund through income tax intimation u/s 143 (1).
For the financial year 2014-15, in some cases the income tax refunds are issued within a week of filing of income tax return.
These returns belong to employees for which excess TDS was deducted or for those where TDS deducted on Fixed Deposit Interest but the total income does not exceed the amount not chargeable to tax.
Filing income tax return is not only method of claiming income tax refund. A person can also make application to the assessing officer within a specified time in form no. 30.
You can also check Income Tax refund status. The income tax department has appointed the SBI bank as refund banker. SBI Process the refunds and sends the refund intimation to the taxpayer.
Refunds are send in two modes i.e. by cheque or ECS (direct credit to your bank).
So it is important to provide the correct bank information at the time of filing of income tax return.
If your income tax refund is rejected due to incorrect bank details furnished by you at the time of filing of income tax return, then you have two options.
You can either file a revised return with correct bank details or claim you income tax refund by form no. 30.
Do you know that there is time limit for filing of Form no. 30 i.e. claim of income tax refund to be made with in time but there is no time limit for issue of income tax refund by income tax department.
Read here some other important points about income tax refund status.
Do you know where you need to apply by form no. 30. You need to apply to your Jurisdictional Assessing officer.