Once you claim you income tax refund it is important to check its status so that in case there’s a hitch, he problem can be rectified. To find out the status of your refund the website to visit is https://tin.tin.nsdl.com
Before you can check the status of your income tax refund you need to have your Permanent Account Number or PAN with you. On the above website you will enter it in the relevant field. You also need to enter the assessment year. The assessment year can be a bit confusing at times but an example will suffice.
Let’s assume the date of filing your income tax returns was on 31st July 2014 then the assessment year is 2014/2015. If 31st July 2015 then the assessment year is 2015/2016. In short it’s the year you filed your return and the year that follows.SPONSORED LINKS
Eligibility Rules for Refunds
You are entitled to a refund in the event of excess deduction of income tax. This normally arises when an extra tax deduction occurs at the source by either your bank or your employer. In the case of banks the extra tax could have been deducted on the interest earnings from fixed deposits which have exceeded 10,000 in a given year.
In order to claim a tax refund filing an Income Tax Return is necessary. The date of filing returns is usually July 31st of every year. Occasionally extensions may be granted.SPONSORED LINKS
Checking the status of a refund
It sometimes so happens that you have filed your income tax returns but are yet to get the refund. In such a case the best thing to do before jumping to conclusions is to find out the status of the refund. You can do this online by logging onto the website www.tin-nsdl.com. Alternatively the website www.incometaxindia.gov.in serves the same purpose.
Once you are on the home page you will need to look for a tab labelled ‘Status of Tax Refunds’ and click on it. Then you will be required to key in your PAN number as well as the assessment year for which you are tracking the refund status. Once you have entered the above details you will get a window displaying the status of your refund, date of refund, a reference number and a mode of payment.
Processing of refunds
The financial institution responsible for the processing of refunds is the State Bank of India. Taxpayers who have claimed refunds can get paid using two methods – a demand draft/cheque or the electronic clearing system.
For a taxpayer to get their refund paid through the electronic clearing system they will need to have checked this option at the time of filing the income tax returns. They also need to have supplied their communication address, their bank account number and their magnetic ink character recognition code.
The default mode of payment for those who didn’t choose the electronic clearing system is a demand draft or cheque. In this case the taxpayer needs to have supplied their mailing address and their bank account number at the time of filing their income tax returns.
In the event that the refund status shows the funds have been paid but you are yet to receive the money in your bank account, you should get in touch with the State Bank of India or your bank.