As the last date for fling income tax return (ITR) 31 July is nearing, many taxpayers are yet to file their IT returns. But for those who have already filed their ITR, the income tax department has started sending refunds back to the accounts of those who are eligible for refunds.
If a taxpayer fails to file income tax return by 31 July, a penalty of ₹1,000 will be levied if income is within ₹5 lakh and a penalty of ₹5,000 if income exceeds ₹5 lakh.
Once an ITR has been filed, refunds are processed within 20-45 days by the income tax department. A taxpayer needs to check from time to time the status of IT refund from the tax department.
Steps to check online status of tax refund
1 – Visit the Income Tax e-filing portal
2 – Login with user ID, password, date of birth/date of incorporation and captcha.
3 – Go to My Account
4 – Click on Refund/Demand status
5 – Your details like Assessment year, status, Reason (for refund failure if any), Mode of Payment is displayed.
Updated: 23 Jul 2023, 06:12 PM IST