Income tax refund 2019: How to check income tax refund status

Income tax refund 2019: How to check income tax refund status

New Delhi: July brings a high time for taxpayers who are yet to file the income tax returns for the FY 2018-19. July 31, 2019, is the last date to file income tax returns for the financial year 2018-19, however, there is a possibility that the Income Tax Department may extend the date in order to facilitate more time for a large number of taxpayers in India.

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People who have already filed income tax returns are eligible to claim income tax refunds in case the I-T returns exceed the total income tax liability in a respective financial year. The chances of income tax refund arise when an individual has filed advance income tax returns and the employer has deducted tax at source following which the total income tax paid exceeds the applicable income tax liability in the respective period.

The income tax refunds can be claimed at the time of filing the income tax returns for the same period. According to the Income Tax Department, an individual is required to file the income tax returns before the July 31 deadline to claim an income tax refund for the financial year 2018-19.

According to the Tax Information Network of Income Tax Department, the ‘Refund Banker Scheme’ facilitates the transmission of income tax refunds generated on processing of income tax returns by CPC-Bangalore/Assessing Officer (AO) to State Bank of India (SBI), CMP branch (Refund Banker) for further distribution to taxpayers.

The income tax refunds are being sent directly to the bank account of the taxpayer or the paper cheque on the address provided. To receive the income tax refund directly to the bank account, a person is required to provide the respective bank account number, MICR code/IFSC code of the bank branch and communication address. In order to receive an income tax refund via paper cheque, a taxpayer is required to provide a bank account number and correct address.

The status of an income tax refund can be viewed after 10 days when the refund has been sent by the Assessing Officer to the Refund Banker. The refund paid status can also be checked in the Tax Credit Statements in Form 26AS. A taxpayer can check the income tax refund status by entering the PAN and assessment year on the designated portal of the Tax Information Network, https://tin.tin.nsdl.com/oltas/refund-status-pan.html.

Source:- timesnownews

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