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Income Tax: If you have filed income tax return and paid more than your tax, then you will get income tax refund. However, the refund will be issued only when the Income Tax Department processes your ITR and issues you a notice to confirm it. This notice is issued under section 143(1) of the Income Tax Act, 1961. For this year i.e. Assessment Year 2023-24 (AY 2024-25), the return should have been filed by the deadline of 31 July 2024. Let us tell you that State Bank of India processes the income tax refund and sends the refund to the bank account of the taxpayers. In such a situation, it becomes very important that your bank account and IFSE code are correct.
How long does it take for a refund?
It is very important to verify your return online to get income tax refund. Usually it takes 45 to 50 days for the refund to come. But if you have not received the refund even after so many days, contact the Income Tax Department via email about possible problems in your tax return. Also, track the status of your refund on the e-filing portal.
How to Check ITR Refund Status
a) On the new Income Tax portal or
b) NSDL website
How to Check Tax Refund Status on E-Filing Portal
1. First go to www.incometax.gov.in and log in to your account by entering PAN/Aadhaar number as user ID and your password.
2. Click on the 'e-file' option after logging in. Under the 'e-file' option, select 'Income Tax Returns' and then select 'View Filed Returns'.
3. Check the latest filed ITR. For financial year 2023-24, the latest filed ITR will be for assessment year 2024-24. Select the 'View Details' option. Once selected, it will show the status of the ITR filed. It will also show you the date of issue of tax refund, the amount refunded and the date of withdrawal for any refund due for this assessment.
Income tax refund will not be available due to these reasons
If your PAN is inactive, your refund will fail and you will see a warning message to link your PAN with Aadhaar.
Incorrect bank details (account number, MICR code, IFSC code, name mismatch etc.)
KYC of the account holder is pending
Account details given are other than Current Account or Saving Bank Account
Account details are incorrect
If the account you have mentioned in ITR is closed.
If the bank account is not pre-verified, it is now mandatory for you to pre-verify your bank account.
