How to Check Income Tax Refund Status for 2023-24

Income Tax Refund

As the deadline for filing income tax returns for the financial year 2023-24 approaches on July 31, many taxpayers are eagerly awaiting refunds on excess taxes paid. If you’ve already filed and verified your returns, you can easily monitor the status of your refund through the Income Tax Department’s e-filing portal.

Steps to Check Your Refund Status

1. Visit the E-filing Portal

    • Go to the official income tax e-filing website: incometax.gov.in.
    • Log in using your credentials.
 

2. Navigate to ‘View Filed Returns’

    • Click on the ‘e-file’ tab.
    • Select ‘View filed returns’.
Income Tax Refund
 

3. View Return Details

    • Your filed returns will be displayed.
    • Click on ‘View details’ to see the history and current status of your returns.

4. Check Refund Status

  • If your refund has been issued, details such as the mode of payment, refund amount, and date of clearance will be shown.

Possible Refund Scenarios

  • Partial Refund Adjustments

    • If part of your refund is adjusted against any taxes due, the status will read: ‘Processed and partially refund adjusted’.
 

  • Full Refund Adjustment

    • If the entire refund amount is adjusted against tax dues, the status will be: ‘Processed and full amount adjusted’.
 

  • Refund Rejection or Failure

    • If your refund claim is rejected or there is a failure in crediting the refund to your bank account, the website will display the date and reasons for the failure. For instance, if your PAN is not linked to Aadhaar, an alert will prompt you to complete the linking process and pay the penalty fee under section 234H (Rs 1,000).

Identifying Causes of Refund Failure

  • Several factors can cause refund processing failures:

    1. Bank Account Not Pre-validated

      • Ensure your bank account is pre-validated, as this is a mandatory step.

    2. Mismatch in Bank and PAN Details

      • The name on your bank account must match the name on your PAN. Discrepancies can lead to refund rejection.

    3. Incorrect Bank Details

      • Double-check that you’ve entered the correct IFSC code and ensure the selected bank account is active. Closed or invalid accounts will delay the refund process.

Read More: High-Value Transactions That May Attract Income Tax Department Notices

By following these steps and ensuring all your details are correct and up-to-date, you can efficiently monitor your income tax refund status and address any issues promptly.

Related Post

image

NRI Tax Filing in India: A Guide to Rent, Capital Gains & Interest Income

NRI Tax Filing in India: A Guide to Rent, Capital Gains & Interest Income As global mobility increases, a significant number of Indians live abroad while maintaining financial interests in…
Read More
image

Foreign Tax Credit in India: A Guide for NRIs

Foreign Tax Credit in India: A Guide for NRIs As cross-border employment, freelancing, and global investments become increasingly common, a growing number of Indians are earning income from foreign sources.…
Read More
image

Top 10 Tax Filing Rules for FY 2024-25

Top 10 Tax Filing Rules for FY 2024-25 Filing your Income Tax Return (ITR) is more than just a statutory formality — it’s a crucial step for financial transparency, refund…
Read More

Book A One To One Consultation Now
For FREE

How can we help? *