ITR Filing: How to Check ITR Refund Status for FY 2023-2024?
The due date for income tax returns for the financial year 2023–24 is July 31st, which is not far away.
If you are among the diligent taxpayers who have already been through the basic process of submitting their returns, including verification of the same after submission, it is quite probable that you are waiting for your refund if any excess taxes have been paid during the financial year in question.
Check the Refund Status
On the e-filing website of the income tax department, you can check out the status of a refund. Before starting this process, do link your PAN and Aadhaar cards if they are not already linked.
Step 1: Visit the e-filing portal and log into it.
Step 2: Under the ‘e-file’ tab, click on ‘View filed returns’.
Step 3: All the details with regard to the returns filed by you will be depicted. For the detailed history and the status, click on ‘View details’.
Step 4: If the refund has already been initiated, the details regarding it, along with the mode of refund, refund amount, and date of clearance, will be updated.
Get ready for Partial Repayments and Failure
There could be other cases as well, for example, your tax refund could be partly used to pay off any outstanding taxes, if any are owed. In such cases, your refund amount and clearance date will be mentioned, but the status will read as – ‘processed and partially refund adjusted’.
In that case, there could be a spot risk that the total refund that you had claimed could be used to reduce the due taxes. In such cases, this update will be displayed- ‘(return) Process and the full amount adjusted’, clearly the matrices signify that part of the full amount is susceptible to adjustment and does not reflect a definite figure.
Lastly, your refund claim could be outright rejected, or there could be a failure to credit the refund to your bank account. In this case, the date and the causes of the failure will be shown in such cases. For instance, the website will show an error message if your PAN is not operative as it is not linked to Aadhaar. Here, an alert will be there to pay the penal fee under Section 234/H (Rs.1,000) and complete the process.
Find the Root Cause of the Failure
Besides these, there could be several other factors that could have led to the situation where the refund was not as expected or was never made at all. Whenever the IT department is processing your refund, it will therefore presumably be processed according to the rules set for income tax, especially in cases where the online identified bank has not been pre-validated. This is a mandatory condition, and if you have not met it yet, you must complete it.
Likewise, an application for a refund could have been declined if one of the records on the bank account name does not match the name in the PAN. The worst part of it is that if, in a certain case, you have written the wrong IFSC code for a bank account or if you have filled out the wrong bank account number, which has been closed for a long time, then the refund will not be processed and it will take even more time.
