Income Tax Refund for AY 2021-22: The central authorities introduced on Thursday that it had processed revenue tax return of over 1.59 crore taxpayers thus far. Sharing the replace, Central Board of Direct Taxes (CBDT) mentioned on Twitter, “CBDT points refunds of over Rs 1,54,302 crores to greater than 1.59 crore taxpayers from April 1, 2021 to Jan 10, 2022. Income tax refunds of Rs 53,689 crores have been issued in 1,56,57,444 instances and company tax refunds of Rs 1,00,612 crores have been issued in 2,21,976 instances. This contains 1.20 crore refunds of AY 2021-22 amounting to Rs 23,406.28 crore.”
If you are wondering whether you have received the refund for filing income tax return for the assessment year (AY) 2021-22, here is what you must do
Eligibility for an Income Tax Refund
If you have paid more tax than your tax liability for a financial year, you are eligible for an income tax refund after filing the income tax return. For individual taxpayers, the last date for filing income tax return for AY 2021-21 was December 31. Once you file the ITR, the tax department will process your return and confirm income tax refund via an intimation notice. Under section 143(1) of the Income Tax Act, 1961, this intimation notice is sent to you.
How does Income Tax Department Credit Income Tax Refund?
The income tax refund is processed by the State Bank of India. The bank will credit the amount to the bank account nominated by the taxpayer while filing the income tax return. It is mandatory to mention correct bank account number and IFSC code to get income tax refund. It must be noted that the bank account number must be pre-validated in the new income tax e-filing portal and linked with PAN card.
Ways you can Track Status of Income Tax Refund for AY 2021-22
The income tax refund can be tracked on new income tax e-filing portal: https://eportal.incometax.gov.in/
1) Visit incometax.gov.in and log in with your PAN as your used ID and password
2) Then, click on ‘e-file’ option select ‘Income Tax Returns’. Select ‘View File Returns’ in the next step.
3) Check the latest ITR filed for this section. The latest filed ITR will be for AY 2021-22. If you select ‘View Details’ option from here, it will show you the date of issue of the tax refund, the amount being refunded and the date of clearance for any refund due for this assessment year.
Check Income Tax Refund via TIN NSDL Website
Taxpayers can also check income tax refund states on the NSDL website. The refund will only appear 10 days after it has been sent by the Assessing Officer to the refund banker.
1) Go to https://tin.tin.nsdl.com/oltas/refundstatuslogin.html and enter your PAN card details
2) Select the relevant assessment year for which you want to check the refund status. For the latest income tax return, the assessment year will be 2021-22.
3) Enter the Captcha code and click on the ‘Submit’ option.
Your income tax refund status will appear on your screen for AY 2021-22.
If your income tax refund is credited into your bank account, then ‘Refund is Credited’ message will be displayed on the screen. It will also show the last four digits of the bank account number, reference number and the date of crediting the refund.
It can also show Refund Returned message on the screen. It means that the income tax refund is not credited into your bank account. There can be multiple reason behind it including wrong bank account number, IFSC code or account become inactive due to lack of use.