How to check status of your Income Tax Refund ?
According to Income Tax Act 1961 Section 237 of the Income Tax Act, 1961 deals with refund of excess tax paid by the assessee. The authority will also after considering the facts and circumstances of the case issue order for the refund of excess tax paid by the assessee. It is right of the assessee to demand excess tax paid over as tax assessed. AAAaaaaa
According to section 237 of Income Tax Act 1961
Refunds 1 If any person satisfies the 2 Assessing] Officer that the amount of tax paid by him or on his behalf or treated as paid by him or on his behalf for any assessment year exceeds the amount with which he is properly chargeable under this Act for that year, he shall be entitled to a refund of the excess.
If any assessee paid excess Income Tax or deduct excess Tax Deducted at
source over and above his actual tax due on his total income exceed which is not chargeable under Income Tax.
Example. Mr. Ronak Sankhla is working in PVR limited. He earned salary Rs.6,00,000 , company deducted TDS Rs.30,000 . His actual income tax due is Rs.17,500 on his total income . So If Ronak Sankhla file Income Tax Return on or before due date then his income tax refund will due for relevant assessment year.
Income Tax Refund will due Rs.12,500 ( Rs. 30.000- Rs.17,500)
Example. Sankhla Ltd paid advance tax Rs. 10,00,000. Actual Income Tax due Rs.8,50,000 on it total income. So if Sankhla Ltd file income tax return on or before due then it income tax refund will due for relevant assessment year.
Income Tax Refund will due Rs.1,50,000( Rs.10,00,000- Rs. 8,50,000)
Normally income tax refund
For salary taxpayer will take 15 days to 30 days it depend on workload on assessing officer.
For Business & profession taxpayer it will take 2 months to 4 months
Reason for delay income tax refund
Mismatch TDS /TCS claimed
Incorrect bank account details
You can check your Income Tax Refund with help of PAN and Assessment Year
Check Income Tax Refund click here