Basics Of Determining The Status Of An Income Tax Return
If you paid more tax than your actual tax burden during a fiscal year, you may be entitled to an income tax refund upon completing your income tax return (ITR) for that year. Nevertheless, you will not get your income tax refund until the tax department analyses your ITR and sends you an indication letter.
This notification is being sent to you under Section 143 (1) of the Income-tax Act of 1961. This year’s returns must be filed for fiscal years 2020-21, with an additional deadline of December 31, 2021.
The taxation refund is handled by the State Bank of India (SBI) and is paid straight to the checking account specified by the taxpayer in his/her ITR when it is filed. As a result, it is critical that you include the right bank account number and IFS code. The bank account must also be pre-validated on the government’s new income tax e-filing system, and the PAN must be connected to the bank account.
What the status message indicates
The notification you receive will be determined by the status of your income tax refund. Your shown message will be one of the following:
If your taxation refund has been duly credited to your checking account, this notification will be shown. It will also display the last four digits of the checking account, numeric codes, and the reimbursement date.
If your refund is not deposited into your checking account, you have the following options:
- Send a letter to State Bank of India, Survey No.21, Opposite Hyderabad Central University, Main Gate, Gachibowli, Hyderabad -50001.
- Please contact itro@sbi.co.in.
- Dial 18004259760 to reach the SBI call centre.
Refund Received
This notice will appear if your tax refund is not deposited into your consideration. This might be owing to an incorrect IFS code or bank account details, or the account being dormant/inactive owing to inactivity.
Modified towards the existing request of the past year: The income tax department might modify your present year income tax refund in part or in full towards the pending claim of the pre-analysis year. Section 245 gives the tax agency complete right to do so. Nevertheless, quite a measure shall be taken just after providing the taxpayer with written notice of the intended action.
Request for Refund Reissue
If your taxation refund has not been deposited to your checking account owing to incorrect bank information, you can file a refund re-issue application using the new income tax portal. This is only possible if your income tax refund claim has been denied.
Choose ‘Refund Reissue’ from the ‘Services’ menu to submit the request. To initiate the request, a user must pick the ITR for which the income tax refund has stalled, the bank account, and afterwards authenticate it.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
