How To Check Income Tax 2022 –23 Refund Status for Your Business Filing

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How To Check Income Tax 2022 –23 Refund Status for Your Business Filing

Overview

The Central Government levies the Income tax which is directly charged on the income of individuals, HUF, firms, AOP, and BOI. Income tax returns are filed on a timely basis for disclosing the income and paying the Income tax. When we are regularly filing an income tax return and there is a refund arising thereon, we are eligible to claim it. Now let us understand the reasons and procedure related to claiming an ITR refund.
A few cases wherein you will be eligible for a refund are:

  1. The most common reason for a refund is the tax you've paid in advance on the basis of self-assessment is more than the tax payable on the basis of regular assessment.
  2. For salaried-based income, if your TDS from salary is higher than the tax payable on the basis of regular assessment then you are eligible for a TDS refund. 
  3. Similarly, the TDS on interest on securities or debentures, dividends, etc is higher than the tax payable on the basis of regular assessment then you are eligible for a refund. 
  4. If the tax charged, based on regular assessments, gets reduced because an error in the assessment process was resolved.
  5. Another reason for the refund is that the same income is taxed in a foreign country (with which the government of India has an agreement to avoid double-taxation) and in India as well.
  6. If you have parked your money in investments that offer tax benefits but the deductions are not declared, then such deductions are claimed as a refund.

Due Date to Claim Income Tax Refund

Income tax refunds must be claimed within nine months from the date on which the financial year ends that is the refund for Assessment year 2022-2023 shall be claimed in the year 2023-2024. Here are some points we need to keep in mind:

  • Income tax refund claims will not be considered if six successive assessment years have been completed.
  • Interest will not be offered on refund of late claims.
  • If the delayed claims require verification, the assessing officer could reconsider the claim.

Procedure to check the status of Income tax refund

The Centralized Processing Centre (CPC) in Bengaluru is responsible for processing the Income Tax (IT) refund, these tax authorities process the refund. The department of income tax offers an online facility that aids in tracing the income tax refund and its status. The taxpayers have to finish e-filing to get your income tax return. For refund’s status checking website of NSDL can be used where one can find his status on refund by entering: -

  • Permanent Account Number (PAN)
  • Assessment Year (A.Y.)

We can also request for refund by following these steps on E-filing site:

  1. Log in to the e-filing website with the user ID, password, and captcha (if any).
  2. On the homepage, select “View Returns/Forms” from the drop-down menu. Choose “Income Tax Return” from the drop-down menu. 
  3. If you choose this option, a comprehensive list of all your tax returns will be generated. 
  4. Select the Acknowledgement Number from the drop-down list to begin the process. 
  5. Then we can find the status of the income filing also the process of refund initiation.

Refunds are being sent in the following two modes

  1. RTGS/ NECS: to enable credit of refund directly to the bank account, taxpayer’s bank a/c (at least 10 digits), MICR code of bank branch, and correct communication address is mandatory.
  2. Paper cheque: bank account no, correct address is mandatory.


Author : Aditi

Date     : 30-Aug-2022


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