ITR Filing FY 2022-23: If you’ve already submitted your income tax return (ITR) for the assessment year 2023-24 and are eagerly anticipating your tax refund, you’ll be pleased to know that the income tax portal has recently introduced a new feature that enables you to conveniently verify the status of your tax refund.
By filing an income tax return, taxpayers disclose their income from various sources, such as salary, business or profession, house property, capital gains, and other income. Based on this income, the tax liability of the taxpayer is calculated, and if any tax is due, it must be paid before filing the return.
Also Read: Income Tax Return Filing: Online Or Offline ITR? Which Option Is Best For You?
In the past, taxpayers were required to verify their refund status on the TIN-NSDL website. Although you can still access this information from the TIN-NSDL website, a more convenient option has been introduced on the income tax portal (I-T portal). This new functionality enables users to directly check their refund status without navigating away from the portal itself.
If you have overpaid your taxes and your actual tax liability is lower than the amount paid, you have the option to request a tax refund from the Income Tax Department.
A Step-By-Step Guide To Check Income Tax Refund Status:
Step 1: Visit the E-filing portal.
Step 2: Scroll down the ‘Quick Links’ section till you see ‘Know Your Refund Status’. Click on it.
Step 3: Fill in your PAN number, assessment year (2023-24 for the current year), and mobile number.
Step 4: You will get an OTP. Fill in the OTP in the given place.
Now, it will show the income tax refund status.
If there is some issue in your ITR bank details, it will show: ‘No Records Found, please check your E-filing processing status by navigating through e-File – > Income Tax Returns – > View Filed Returns‘.
Also Read: Income Tax FY 2022-23: Top Things You Should Keep In Mind While Filing ITR
There are around 11.22 crore individual registered users. As of July 2, 2023, about 1.32 crore ITRs have been filing for the assessment year 2023-24. Of these, around 1.25 crore income tax returns have been verified so far, according to the income tax portal. So far, only 3,973 verified ITRs have been processed for the assessment year 2023-24.
ITR Filing Last Date
The deadline for filing your ITR for the assessment year 2023-24 is July 31. It is advisable to file your ITR now to avoid any last-minute rush. There are approximately seven different types of income tax forms, each designed for specific types of taxpayers. It is crucial to determine the appropriate form for your situation to prevent potential income tax notices in the future. Individuals with only salary income can utilise ITR-1 for filing, while those with additional sources of income are required to use other forms for their ITR submission.
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