The income tax department has reportedly extended the last date for ITR filing for FY 209-20 to 31 August 2019. An individual is required to file returns if his/her annual income exceeds Rs 2.5 lakh before deductions under Section 80C and 80U of the Income Tax Act, 1961.
In case you have paid taxes more than your tax liability, you will be able to get a tax refund. However, the IT department has announced that the refunds will only be issued electronically from 01 March 2019. Also, taxpayers are required to link their PAN with the bank accounts to claim the refund.
Once you have completed filing your returns, you will be informed of a refund through an e-mail or SMS by the income tax department. You can either visit the ITR e-filing website or the NSDL portal to check the status of your refund.
Also Read: FinMin: Task force for direct tax code is all set to submit report by July 31
Here is how you can check the status of your income tax refund online:
Step 1: Visit the official income tax e-filing portal
Step 2: Log in to your account with your login credentials.
Step 3: Click on ‘My Account’ and then on ‘Refund/Demand Status’ from the pop-up menu.
Step 4: Enter the assessment year for which you would like to check the refund status.
Step 5: You will be able to view your Refund/Demand Status.
Earlier, the department used to issue refunds through account payee cheques or via e-mode. Now, the refund will be credited to the taxpayers’ bank accounts only electronically. The refund is deposited to the taxpayer’s bank account in 20-45 days from date of e-verification.
Abbreviation is the name of the game – SIP, NPS, ELSS, KTM, and OMR.
Vishnu is the cat that got too curious. He can normally be found staring at market charts or drooling over his Real Madrid curios.
Favourite quote: ” Madrid, Madrid, Madrid ¡Hala Madrid! Y nada más”
