When a taxpayer makes an excess payment of income tax in comparison to their real income tax burden for a given year, the extra money is repaid to the taxpayer after the Income Tax Department conducts a proper evaluation.
An income tax refund is the amount of money that is reimbursed.
The ITR form can be used to request a tax refund. The ITR will only be processed for reimbursement if it is validated by giving a signed copy of ITR V via any of the online or offline means.
The refund status may be viewed using the income tax e-filing system. Here’s how you can go about it:
— Go to the income tax e-filing site by clicking here.
— To access your account, enter your user ID, password, and captcha.
— Next, click the ‘login’ button.
— From the drop-down menu, choose ‘View Returns / Forms.’
— From the ‘Select an option drop-down menu, choose ‘Income Tax Returns.’
— Next, input the appropriate assessment year and press the ‘Submit’ button.
— Finally, from the drop-down option, pick the acknowledgement number.
The NSDL website also allows you to monitor the status. Here’s how you can go about it:
— Go to the NSDL website by clicking here to check the progress of your reimbursement.
— A page displays in which you must enter your PAN number, applicable assessment year, and the picture on the screen before clicking ‘Submit.’
— Following that, you’ll see a screen that shows the status of your refund.
Your income tax refund can be paid in one of two ways: by direct credit or by cheque.