When a taxpayer pays more in income tax than his or her actual tax burden, he or she is entitled to a refund of the difference. After due assessment, the excess amount paid is reimbursed by the Income Tax (I-T) department.
Refunds are available to taxpayers who file income tax returns. They must include paperwork verification of their earnings and deductions in their tax forms. Returns must be filed in order to receive a refund.
After the returns have been filed, the IT department validates them and determines if they are eligible for a refund. The refund is processed by the IRS only once the taxpayer has e-verified the return. The refund usually takes 25-60 days to be credited from the date of e-verification.
Read More…
[pt_view id=”baa39696xe”]
When a taxpayer seeks a refund on his tax return, the tax department processes it, and the taxpayer receives an intimation from CPC under section 143(1) confirming the amount of refund that the taxpayer is entitled to.
So far this fiscal year, the IT department has provided refunds totaling more than 1.67 lakh crore to 1.87 crore taxpayers. This comprises 1.48 crore refunds totaling 28.704.38 crore for the fiscal year 2021-22 (ending March 2021).
Taxpayers who know their PAN number and the assessment year for which they want to check their refund status may find it useful. There are two methods for checking the refund on the internet.