Income tax refund: How to check your status online – Livemint

  • Press Release|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 27 October, 2020

Recent Posts

News, Blog, Company Law

[Opinion] Company & Its Directors Penalized for Using Private Placement Funds in Existing Account Before Filing Return of Allotment

Blog, News, Company Law

SEBI Amends Buy-Back Regulations | Excludes Shares Held by Non-Participating Promoters from Entitlement Ratio

Latest from Taxmann

 
Naveen Wadhwa, DGM at Taxmann said:
The extended deadline for filing income tax return or ITR was August 31. For many taxpayers, the next thing that comes to mind is income tax refund, if any is due. Income tax refund arises when more tax is deposited by a taxpayer, through TDS (tax deducted at source) or advance tax, than his/her actual tax liability. “This happens when aggregate of advance tax, self-assessment tax and TDS is more than what a taxpayer is actually required to pay to the government,” says Naveen Wadhwa, DGM at Taxmann. Income tax refund becomes due when the taxpayer files an income tax return and verifies it.
 
The income tax refund is paid when the tax return is processed and the claim of the taxpayer is accepted by the department. Usually, the refund is credited directly in the bank account of the taxpayer if complete details of the bank account are furnished in the ITR. “If IFSC of bank account number is not mentioned in the income tax return, a cheque is issued to the assessee,” says Wadhwa.

 
 
Read the full story here: Income tax refund, Taxmann

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied