Income tax return filing is a mandatory process for individuals and entities who meet the specified income criteria set by the Income Tax Department. It is an important civic duty that helps the government collect revenue to fund various public services and infrastructure development. Filing income tax returns accurately and within the specified deadlines is crucial to avoid penalties and legal complications.
The process of filing income tax returns in India involves several steps. First, individuals must gather all the necessary financial documents, such as salary statements, bank statements, investment proofs, and other relevant income and expense records. These documents provide the basis for calculating taxable income and claiming deductions and exemptions.
When filing the income tax return, individuals must accurately report their income from various sources, including salaries, business or professional income, capital gains, and income from investments. They should also declare any deductions and exemptions they are eligible for, such as those related to housing loans, medical expenses, education loans, and contributions to specified savings schemes.
The Income Tax Department processes the returns and assesses the tax liability based on the information provided. If there are discrepancies or queries, individuals may receive a notice for further clarification or scrutiny.
If you have paid more tax than your actual tax liability, you can claim a tax refund from the Income Tax Department. Once your return is filed and verified, the Income Tax Department will process it. They will assess your tax liability based on the information provided, including the excess tax paid.
If you are eligible for a refund, the Income Tax Department will issue an intimation specifying the refund amount. The refund can be directly deposited into your bank account through electronic transfer (Electronic Clearing Service) or sent to you as a refund cheque, depending on the option you selected while filing your return.
Here’s what you can do to check the refund status;
To view Refund/ Demand Status, follow the below steps:
Step 1: Go to https://eportal.incometax.gov.in/iec/foservices/#/login to visit relevant webpage
Step 2: Login to e-Filing website with User ID, Password, Date of Birth / Date of Incorporation and Captcha.
Step 3: Go to My Account and click on “Refund/Demand Status”.
Step 4: Below details would be displayed.
-Assessment Year
-Status
-Reason (For Refund Failure if any)
-Mode of Payment is displayed
Taxpayers can now view Refund/ Demand Status.
Taxpayers must note that the income tax refund status on the portal is updated periodically. If you do not see the latest status, you can check again after a few days or contact the Income Tax Department’s helpline for further assistance.
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