The Income Tax Department on Wednesday said that it has issued refunds worth over Rs 1.64 lakh crore to over 1.41 crore taxpayers so far in this fiscal.
This includes Personal Income Tax (PIT) refunds amounting to Rs 53,070 crore and corporate tax refunds of over Rs 1.10 lakh crore during this period.
However, if you have paid your taxes in the last fiscal year (FY2019-20) and still haven’t received your IT refunds, then it might be a good time for you to check your refund status.
Usually, after the ITR is processed, the I-T Department determines the refund amount and sends you a message. The refund, processed by the State Bank of India (SBI), is credited to the taxpayer’s account either via RTGS/NEFT or by issuing a cheque or demand draft to the taxpayer’s registered address.
Hence, to get the refund, you must make sure that you have given the correct bank account details while filing the ITR.
Here's how you can check income tax refund status:
- Login to e-Filing website with the User ID, Password, Date of Birth/Date of Incorporation, and Captcha.
- Go to My Account and click on "Refund/Demand Status".
- After you click on the given tab, these details would be displayed:
- Assessment Year
- Status
- Reason (For Refund Failure if any)
- Mode of Payment is displayed
4. Click on ‘Status’ and view Refund/ Demand Status.
The government has extended the ITR filing deadline for individuals till January 10, and for companies till February 15.