Many people are ignorant about the fact
that their tax refund status can be easily ascertained online with a few simple
and easy steps by entering the PAN number. The 'Refund Banker Scheme', which
was first introduced by the Income Tax Department in Jan 2007, can be used by
tax payers all over the nation to view the exact status of their refunds on
line at the site https://tin.nsdl.com/oltas/refundstatuslogin.html.
This is as easy as it gets and all one needs to do is to enter the PAN number
and the assessment year on this site to access the current position of the tax
refund.
Modes of Refund
Tax refunds whenever applicable is made
in 2 different means to all the tax payers:
·
RTGS / NECS: In order to enable direct credit of the refund amount to the
bank account of the tax payer, the taxpayer's correct bank A/c (at least 10
digits), MICR/ IFSC code of the bank branch and required communication address
is mandatory.
·
Paper Cheque: The standard paper cheques wherever issued require the current
bank account no and the correct address of the tax payer as mandatory
information.
Checking Status Online
This simple task can be achieved through
a few easy steps:
·
Log
into https://tin.tin.nsdl.com/oltas/refundstatuslogin.html and enter
your PAN and assessment year. Then click on Submit button.
·
The
same can also be checked through the toll free number of SBI help desk at 18004259760 or even through
email to itro@sbi.co.inor refunds@incometaxindia.gov.in.
(It must be noted that the online refund
is faster and quicker if the return has been filed on time and preferably
through online filing system.)
Income Tax Refund: Types of Status Online
While checking your refund status online
you are likely to see several kinds of status messages on the website.
Demonstrated below are some of the common types of status messages that may
appear at the website. Other status messages depending on the actual state of
processing and disparities noticed by the department may also appear. The
assessee has the right to appeal and notify the department in case of any
discrepancies noticed at the status on the website for further action.
1. Change of Address: Incase the address of the
assessee has changed and same has not been notified to the Income Tax
Department through the online registration system, the refund cheque normally
returns back and this is reflected in the status at the website. Such cases of
cheques are quite common despite the fact that the refund cheques are dispatched
on time by the department. Here is what will appear at the site in an
eventuality:
status-of-tax-refund
2. Cheque Encashed Status: If the assessee has received the refund
cheque and has encashed it then the status at the website will reflect the
same. However in case the cheque has actually not been encashed but is being
reflected as so at the website then one needs to immediately inform the
department and take steps to retrieve the money at the earliest. Here is what
will appear at the website if the cheque has been encashed.
Some Important Facts about Refund Status
There are a few essential facts that one
needs to understand while checking tax refund status online:
·
The
Income tax Department has nominated the State bank of India (SBI) as the refund
manger agency for all such transactions. Thus it is the SBI that forwards all
the refund cheques or online transfers.
·
RTGS/
NECS/ ECS transfers are possible only if the 10 digit account number has been
correctly provided by the assessee along with the IFSC code of the bank.
Otherwise standard cheques or demand drafts will be dispatched to the address
provided by the assessee.
·
The
online status is updated for viewing only after a period of 10 days of the
assessing officer having made the refund either online or by dispatching the
cheque.
·
The
refund status will be available only if the tax return has been filed correctly
and on time and has been received by the department. This is possible only if
the assessee has received an acknowledgement form from the department of having
received the ITR.
Using the online facilities of the Income
tax Department is a great relief both in terms of filing the returns and
checking the status of refunds. The processing time is considerably less in
case of the online system as compared to the traditional paper form filing.
