A taxpayer is eligible for an income tax refund from the Income Tax authorities; if he has paid higher taxes when compared to his actual tax liability. For instance, a salaried person might fail to submit the details of tax-saving investments to his employer on time. In such a situation, the Company deducts extra taxes. Given below are the scenarios in which taxpayers can claim a refund.
When TDS deducted on salary, interest on bonds and interest from bank deposits are more than actual tax liability.
When taxpayers miss submitting tax-saving investment proofs.
When tax paid on self-assessment is more than the tax liability.
Now, this is the tax season and people who have filed Income Tax Returns (ITR) are waiting to get the tax refund. Unfortunately, fraudsters are taking advantage of the situation to fool people and make quick money. They send a fake refund SMS by claiming to be from the Income Tax Department. This is mainly done with the intention of collecting personal details like login details of I-T Department website, bank details and so on.
The message looks as follows
You have been approved an income tax refund of Rs 15,000/-, the amount will be credited to your account shortly. Please verify your account number 5XXXXX6755. If this is not correct, please update your bank account information by visiting the link below. https://bit.ly/20wpYK6.
If the tax refund is payable; the tax department will actually send an intimation via SMS and email. But, they will never ask you to provide your personal details.
To avoid fraud, in this blog we will discuss how to track the status of your income tax refund.
You can check income tax refund on the e-filing website. You must take the following steps to check the status of your tax refund.
1. You must first visit the website: www.incometaxindiaefiling.gov.in
2. You then login to your account by using the details like PAN, password and captcha code.
3. After you log in, click on 'View Returns/Forms'.
4. You have to pick 'Income Tax Returns' from the drop-down menu and click on the applicable assessment year for which you want to check the income tax refund status.
5. Click on the acknowledgment number
6. You will receive a message on your screen which shows the timeline of filing of returns like when your ITR was filed and verified, date of completion of processing, date of issue of refund and so on.
7. Along with the above information, you will also get to see assessment year, status, mode of payment and the reason for failure, if any.
See Also: Scams To Watch Out This Tax Season
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