Income Tax refund FY 2023-24: How to track your tax refund status on-line? Know different types of refund statuses & reasons for failure

ITR Refund Status FY 2023-24: Users who’ve filed their earnings tax return (ITR) and paid taxes greater than they owe can anticipate an earnings tax refund as soon as the I-T division processes the ITR and sends a affirmation notification.
This comes below Section 143(1) of the Income-Tax Act, 1961, in accordance to an ET report. For FY 2023-24, the earnings tax return ought to have been filed by the deadline of July 31, 2024.
After processing the earnings tax refunds, the State Bank of India instantly deposits the refund within the account supplied by the taxpayer on the time of submitting the ITR. Which is why it will be significant to confirm the checking account quantity and IFS code supplied by the taxpayer. Along with this, it is usually essential to verify the checking account on the brand new earnings tax e-filing portal and hyperlink the PAN with the checking account.

How lengthy does it take to get an Income Tax Refund?

The Income Tax Department sometimes wants 4 to 5 weeks to full the refund processing. Make positive you validate the tax return on-line for the refund to be processed. In case you do not obtain your tax refund in that time-frame, maintain an eye fixed for any correspondence you’ll have acquired from the earnings tax division to see if you’re eligible for a refund. To monitor your tax refund status, go to the e-filing web page.
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How to track ITR tax-refund status ?

Taxpayers can track their refund status on:

How to examine the status of your ITR refund on the e-filing portal?
You can simply track your refund status on the e-filing portal by following these steps:
Step 1: Go to www.incometax.gov.in and register with your password and PAN/Aadhaar quantity as person IDs.
Step 2: Select the ‘e-file’ possibility after logging in. Choose “Income tax returns” below the “e-file” possibility, after which click on “View Filed returns.”
Step 3: The most up-to-date ITR for FY 2023–2024 might be for AY 2024–2025. Choose the ‘View Details’ menu merchandise.
Once chosen, the filed refund status might be displayed. The date of tax refund issuance, the quantity reimbursed, and the date of clearance for any excellent refunds for this AY will even be displayed.
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Understanding Tax refund status message
Status 1: When refund is issued
After processing your earnings tax return, your account is credited with a refund.
Status 2: When refund is partially adjusted
The division might deduct the quantity of the present 12 months’s refund from any unpaid calls for from prior years. They will notify you of the adjustment by a notification despatched to you below part 245 prior to doing so, although.
To point out whether or not you concur with the division’s determination, it’s essential to reply to the discover. In the occasion {that a} quick response isn’t acquired, the division will course of the return by balancing the demand.
Status 3: After an entire refund is adjusted
In case there may be any excellent quantity from earlier years, the division will deduct that quantity from your present 12 months’s refund. However, earlier than making this adjustment, they are going to concern a discover below part 245, informing you in regards to the offset of your refund in opposition to the excellent quantity from earlier years.
Status 4: When refund is failed
The I-T division has accredited the refund; nonetheless, fee was withheld for the reason that financial institution particulars weren’t prevalidated.
Reasons for tax refund failure
Numerous elements may lead to a credit score or refund failure.