GOOD READS

How to check your Income Tax refund online

Many people are ignorant about the fact that their tax refund status can be easily ascertained online with a few simple and easy steps by entering the PAN number. The 'Refund Banker Scheme', which was first introduced by the Income Tax Department in Jan 2007, can be used by tax payers all over the nation to view the exact status of their refunds on line at the site https://tin.tin.nsdl.com/oltas/refundstatuslogin.html. This is as easy as it gets and all one needs to do is to enter the PAN number and the assessment year on this site to access the current position of the tax refund.

Modes of Refund

Tax refunds whenever applicable is made in 2 different means to all the tax payers:

  • RTGS / NECS: In order to enable direct credit of the refund amount to the bank account of the tax payer, the taxpayer's correct bank A/c (at least 10 digits), MICR/ IFSC code of the bank branch and required communication address is mandatory.
  • Paper Cheque: The standard paper cheques wherever issued require the current bank account no and the correct address of the tax payer as mandatory information.

Checking Status Online

This simple task can be achieved through a few easy steps:

(It must be noted that the online refund is faster and quicker if the return has been filed on time and preferably through online filing system.)

Income Tax Refund: Types of Status Online

While checking your refund status online you are likely to see several kinds of status messages on the website. Demonstrated below are some of the common types of status messages that may appear at the website. Other status messages depending on the actual state of processing and disparities noticed by the department may also appear. The assessee has the right to appeal and notify the department in case of any discrepancies noticed at the status on the website for further action.

1. Change of Address: Incase the address of the assessee has changed and same has not been notified to the Income Tax Department through the online registration system, the refund cheque normally returns back and this is reflected in the status at the website. Such cases of cheques are quite common despite the fact that the refund cheques are dispatched on time by the department. Here is what will appear at the site in an eventuality:

status-of-tax-refund

2. Cheque Encashed Status: If the assessee has received the refund cheque and has encashed it then the status at the website will reflect the same. However in case the cheque has actually not been encashed but is being reflected as so at the website then one needs to immediately inform the department and take steps to retrieve the money at the earliest. Here is what will appear at the website if the cheque has been encashed.

Some Important Facts about Refund Status

There are a few essential facts that one needs to understand while checking tax refund status online:

  • The Income tax Department has nominated the State bank of India (SBI) as the refund manger agency for all such transactions. Thus it is the SBI that forwards all the refund cheques or online transfers.
  • RTGS/ NECS/ ECS transfers are possible only if the 10 digit account number has been correctly provided by the assessee along with the IFSC code of the bank. Otherwise standard cheques or demand drafts will be dispatched to the address provided by the assessee.
  • The online status is updated for viewing only after a period of 10 days of the assessing officer having made the refund either online or by dispatching the cheque.
  • The refund status will be available only if the tax return has been filed correctly and on time and has been received by the department. This is possible only if the assessee has received an acknowledgement form from the department of having received the ITR.

Using the online facilities of the Income tax Department is a great relief both in terms of filing the returns and checking the status of refunds. The processing time is considerably less in case of the online system as compared to the traditional paper form filing.

By BankBazaar.com - an online marketplace for your personal loan and home loan needs.

Quiz: What do you know about the Budget?

Question 1

What happens if there is no interim Budget presented?

Poll Choice Options
  • We do no™t have to pay taxes
  • The government can come to a standstill
  • Absolutely nothing
1
2
3
4
5
6
7
8
9
10

Latest News

  • Why Herman Miller Should Have Decorated the Star Trek Set

    Watch one episode of the original Star Trek—heck, watch one minute of the show—and it's clear how much the 1960s Space Age aesthetic, one marked by Googie architecture and post-war car culture, inspired its set designers. Still, the midcentury... …

  • Motorola's New HQ Could Not Be Pinker or Sparklier

    Photo via Curbed Chicago Created by the Global Gensler firm—with maybe a few design pointers taken from some very girly middle schools—the extremely pretty new Motorola HQ is a vision of bright pink, sparkling neon signs, and quirky, interactive hangout... …

  • Catherine Deneuve Lists Resplendent French Chateau for $5.5M

    Click here to view the full photogallery. For the past few decades, when Catherine Deneuve wasn't hanging out with princes and spending time at her L.A. mansion (which, fun fact, later housed multiple ABBA members and a hippie cult),... …

  • Apple expands buybacks by $30 billion
    Apple expands buybacks by $30 billion

    Apple Inc (AAPL.O) has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors. Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday. On Wednesday, Apple reported sales of 43.7 million iPhones in the quarter ended March, …

  • Eco-Friendly Prefab House Fits Together Like a 3D Puzzle

    In It's Not Easy Being Green, Curbed pulls back the curtain on cutting-edge, environmentally friendly design, from urban passive houses to green tweaks on suburban living. Have a suggestion for an upcoming column? Pass it along. Photo via Remodelista Despite... …

IN-DEPTH ANALYSIS & INTERVIEWS

  • This might well be India’s biggest Ponzi scam

    It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

  • India's star studded football league

    High and mighty including Sachin, Salman & Sun Group buy ISL teams …

  • Leaderspeak with Rajesh Janey

    Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

  • Power Hungry

    Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

  • Etcetera

    The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

  • Bracing for Challenges

    Raghuram Rajan is preparing to deal with concerns that may arise when a new government takes charge. …

  • Treading the Middle Path

    Mid-caps are trading at attractive valuations. Here's how you can choose the best of the lot. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    16.52-0.33-1.96%
    UNITECH.BO
    14.31-0.27-1.85%
    SUZLON.BO
    120.40+7.00+6.17%
    FRL.BO
    66.05+4.10+6.62%
    MANGCHEM.BO
    54.40+1.65+3.13%
    HCLINFO.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    16.20+2.70+20.00%
    JAGSONPH.BO
    53.50+8.90+19.96%
    RUSHIL.BO
    40.45+6.45+18.97%
    RCIIND.BO
    63.95+8.90+16.17%
    MRPL.BO
    24.00+3.10+14.83%
    NELCAST.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    24.25-6.00-19.83%
    BMAL.BO
    13.26-2.24-14.45%
    ZYLOG.BO
    30.15-4.05-11.84%
    DRDATSONS.BO
    19.55-2.45-11.14%
    MARAL.BO
    121.50-13.50-10.00%
    POKARNA.BO

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.