Income tax refund came or not. It is very easy to know. Another question remains that if the refund has come, will it get interest. Most of the taxpayers think that interest also comes with the refund. Although it is not so. Because according to the rules of Income Tax, interest is not available on every refund. Well now let’s understand the formula to check Refund.
How Much Refund Came
Income Tax Department has given income tax refund of Rs 25301 crore from 1st April 2021 to 24th May 2021. This refund was given to 15.45 lakh taxpayers. Of these, a total of Rs 7494 crore has been given to 15 lakh 397 people. Whereas Rs 17807 crore has been refunded in 44140 cases.
How to Check Your Refund
- Visit the website of NSDL. Enter PAN and assessment year there.
- After this you will get to know about your ITR.
- Or go to the e-filing website of the Income Tax Department.
- Login for e-filing. Then select View Returns/Forms.
- After selecting Income Tax Returns on My Account, submit it.
- Then click on Acknowledgment Number. Now the page will open on the screen, in which complete information will be available.
Tax Liability Low
If Tax Liability is less after paying the tax then you are eligible for Income Tax refund. That is, TDS, TCS or other means tax is deducted more but in reality the tax is less, then the department will refund you. This IT Refund can be taken by filling the Taxpayer Return. Income Tax department will give income tax refund after processing ITR.
Interest on Tax Refund
According to Tax Expert and CA Arvind Dubey, interest will be available on Tax Refund only if the outstanding amount is more than 10 percent of the amount of tax generated. Refund does not come on time after filing ITR. The reason for this may be not giving complete information while filing the return. While filing the return, it is necessary to fill the correct bank account number, correct IFSC code of the bank. If the IFSC code of the bank is also wrong then the refund will not come.
New income tax website
There are some problems in the new website of Income Tax Department, incometax.gov.in. However, the department has added many special new features to this site. For example, the full account of the expenses and earnings of the taxpayer will be revealed as soon as you enter the PAN and Aadhaar number. Not only this, bank or LIC statement will also not have to be given for filing income tax return. The details of the money invested in the stock market or the dividend received from there will also come in it itself.
File ITR Online
- Go to incometaxindiaefiling.gov.in and download the IT Return filing software from the ‘Download’ section (right side).
- Then in the software, fill the information related to your income, tax payment, deduction in the ITR form.
- After filling all the data click on ‘Calculate’.
- If there is a tax liability, then make the payment. Then submit the details.
- Click on the link “Income Tax Return” on the e-File tab.
- There will be few options for verifying income tax return.
- After that attach the ITR XML file and submit.
